联系我们

论文查询结果	返回搜索

论文编号：	4108
作者编号：	2120102358
上传时间：	2012/5/25 1:02:03
中文题目：	我国国有控股公司非经济责任与公司价值相关性研究——基于双重公司治理环境分析
英文题目：	Research on Relationship of Non-Economic Responsibility and Corporate Value of Chinese State-owned Holding Companies——Analysis Based on Dual Corporate Governance Environment
指导老师：	马连福
中文关键字：	双重公司治理环境，非经济责任，公司价值，资源优化配置
英文关键字：	Dual Corporate Governance Environment, Non-economic responsibility, Value of Company, Resources Optimization
中文摘要：	股东和公司治理环境是我国国有控股公司经营责任的关键影响因素，也是经营责任相互关系的重要调节。随着我国资本市场的发展，大量机构投资者参与资本市场博弈，国有控股公司得到前所未有的发展，也遇到艰巨的挑战。一方面，市场投资主体的深度进入促进了国有控股公司的公司治理的规范，使国有控股公司的经营责任多元化。另一方面，在弱行政型-弱经济型治理环境下，国有控股公司的经济责任与公众责任和政治责任呈现独特的关系，形成独特的发展路径。探求公司价值和非经济责任关系变化的机制，寻找我国国有控股公司最优发展的实现途径是本文研究的重心。 本文分析了企业经营责任和经营目标的决定机制，揭示了企业经营责任是企业经营目标的中间指标，企业经营责任由股东和公司治理环境决定；进而发现弱行政-弱经济治理环境下我国国有控股公司的经济经营责任和非经济经营责任存在由矛盾向统一转化的现象。 本文利用实证方法探究了我国国有控股公司非经济责任和公司价值的相关性。实证结果显示，非经济责任对公司价值的影响随时间推进先增强后减弱；政治责任与公司价值呈正向关系，公众责任与公司价值呈倒“U”型关系；外国股东和行政型治理环境对非经济责任就公司价值的影响呈负协同作用；经济型治理环境对经济责任就公司价值的影响呈正协同作用。 我国国有控股公司的经济责任、公众责任和政治责任可以由政府股东和社会股东的经营目标表征。根据实证结论，本文使用数学模型从政府股东目标和社会股东目标两方面对我国国有控股公司资源配置进行分析，获得资源优化配置的方法。
英文摘要：	Shareholders and corporate governance environment are the key factors to Chinese state-owned holding companies as well as important regulator of relationship of operating responsibilities. As the development of capital market, large sum of institutional investors take part in the game. State-owned holding companies develop significantly and meet great challenges. On one side, market investors’ deeply participation help improve cooperate governance and business responsibilities diversification, On the other side, weak administrative- weak economic governance environment make the relationship of operating responsibilities of state-owned holding companies unique, leading to a unique way of development. Thus, finding the mechanism of change of the relationship and the optimal way for development are the key of this research. With the help of Diamond Model, we analyze the decision mechanism of the business responsibilities and business objectives, reveal the responsibilities of business are intermediate indicators of the business objectives, business responsibility is determined by the shareholders and corporate governance environment; and then found the existence of the mechanism of transformation of Chinese state-owned holding companies that the relationship of economic responsibility and non-economic responsibilities will change from conflict to unique. We use empirical method to explore relationship of China's state-owned holding company non-economic liability and the value of companies. The empirical results show that the influence of responsibility of the non-economic value of the company enhance first and then decline; a positive correlation between political responsibility and the value of the company, the relationship of public liability and the value of company is the inverted "U" shaped; foreign shareholders and administrative environmental management has a negative synergistic impact of the economic responsibility on the value of the company; economic governance environment has a positive synergistic impact of the economic responsibility on the value of the company. China's state-owned holding company's economic responsibility, the public responsibility and political responsibility can be characterized by the business objectives of government shareholders and social shareholders. The last part of the article, based on the empirical conclusions, we use mathematical model and find the method of resources optimization.
查看全文：	预览  下载(下载需要进行登录)