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论文编号：	4105
作者编号：	2120102352
上传时间：	2012/5/22 22:12:58
中文题目：	我国民营上市公司自愿性信息披露的影响因素分析——基于治理结构的视角
英文题目：	Factor Analysis of the Impact of China’s Private Listed Companies Voluntary Disclosure：Perspective from Corporate Governance
指导老师：	武立东
中文关键字：	控制权与现金流权分离，非控制性大股东，董事会结构，自愿性信息披露
英文关键字：	Separation of Control Rights and Cash Flow Rights, Large External Shareholders, Board Structure, Voluntary Disclosure of Information
中文摘要：	传统的公司治理理论认为，在分散的股权结构下，大股东的存在可以在一定程度上抵制经理层的自利行为，缓解所有权与控制权的分离带来的代理问题，提高公司价值。然而从20世纪80年代开始，大量的研究表明现代公司广泛存在着控制性股东。控制性股东经常采用金字塔持股(Pyramidal Structure)、交叉持股(Cross-Ownership)和双重股权(Dual-Class Equity)等方式构建一个复杂的控制链，使控制权与现金流权进行分离，为攫取控制权私利提供机会。那么在控制性股东存在的情况下，非控制性的大股东和公司的董事会特征是怎样影响公司自愿性信息披露的？ 本文以2008~2010年沪深两市A股中的177家民营上市公司共531个观测值为研究样本，选取控制权与现金流权分离程度作为基础，先后加入大股东、董事会特征作为调节变量，研究在我国民营上市公司中，自愿性信息披露的影响因素。本文采用统计分析软件SPSS对样本数据进行描述性统计、最小二乘回归分析。实证研究的结果显示，随着民营上市公司控股股东的控制权与现金流权的分离度的增加，公司自愿性信息披露水平显著下降；非控制性大股东比例的增加会减弱控制权与现金流权的分离度与公司自愿性信息披露之间的负向关系；在非控制性大股东影响的基础上，董事会的独立性的增强、董事会的规模的下降以及董事长和总经理的两职分离会降低控制权与现金流权的分离度对公司自愿性信息披露的负面影响。 因此本文得出结论，非控制性大股东持股比例的增加有利于降低控制权与现金流权分离对于自愿性信息披露的负向影响，董事会的独立性的增加、董事会规模的减小、董事长与总经理两职的分离可以有助于降低控制权与现金流权分离对于自愿性信息披露的负向影响，提高公司的自愿性信息披露水平。
英文摘要：	Traditional corporate governance theory suggests that the presence of large shareholders can resist the self-serving behavior of managers to some extent on the efficiency and alleviate the agency problems brought about by the separation of ownership and control to enhance corporate value in the dispersed ownership structure. Controlling shareholders often use Pyramidal Structure, Cross-Ownership and Dual-Class Equity to build a complex control chain, the control rights and cash flow rights to be separated which provide for opportunities of private benefits of control. In the presence of controlling shareholder, how the non-controlling shareholders and the characteristics of the company's director’s board affect the company's voluntary disclosure? The essay first researches the previous literature of the sort, and clears the concept. We select 531 samples of 177 Private Listed Companies A-share in Shanghai and Shenzhen of 2008~2010 for the empirical part of the descriptive system and regression analysis. In this paper, we use the statistical analysis software SPSS to show the descriptive statistics of sample data, and take the least squares regression analysis. The empirical results show that with the increase of the separation of control rights and cash flow rights of controlling shareholders in private listed companies, company voluntary disclosure levels significantly decreased; increase in the proportion of non-controlling large shareholders will weaken negative relationship between the separation of the control rights and cash flow right and the company voluntary information disclosure; on the basis of non-controlling shareholders' influence, the enhancement of the independence of the board, the decline of the size of the board of directors and the separation of the chairman and the general manager will reduce the negative impact of the separation between the control rights and cash flow right on the disclosure of voluntary information in the company. This article concluded that the increase of the non-controlling stake of large shareholders help to reduce the control rights and cash flow separation of ownership and increase voluntary disclosure of negative to the independence of the impact of the board of directors, board size decreases, the directors the length and general manager of two of the separation can help to reduce the control rights and cash flow rights separation to the level of negative impact, improve the company's voluntary disclosure of voluntary information disclosure.
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