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论文编号：	6241
作者编号：	2120122610
上传时间：	2014/6/6 10:41:49
中文题目：	创业板IPO公司高管与董事之间关系对公司绩效影响的研究
英文题目：	Research on the Effect of Relations between
指导老师：	陈国欣
中文关键字：	公司绩效；创业板；IPO；高级管理人员；董事会成员
英文关键字：	Corporate performance；GEM；IPO；Executives；Directors
中文摘要：	董事会是公司治理方面的一项重要的制度设计，它能够监督公司管理层，此外，还能为管理人员提供一定的咨询。但是，保证董事会有效行使自己职能的关键所在是董事会独立性。一般认为，如果公司董事会成员与高层管理人员之间不存在亲属关系和财务关系，则认为董事是独立的。然而，所谓的独立董事可能仍与高管之间存在社会关系，独董与高管之间的社会关系可能会损害其独立性。高管与董事之间的关系可能会导致董事会独立性的削弱，最终使得公司绩效受到影响。此外，公司高管与董事之间亲属关系可能会解决管理人员与股东之间的利益冲突，但是也可能会导致少数股东侵占和(或)控制权私有收益的现象产生。同样，社会关系可能创造价值，也可能导致股东侵占和管理权力集中。近年来，公司的高层管理人员与董事会成员之间的关系引起了社会广泛关注，社会各界对二者之间的关系对公司绩效的影响进行了热烈讨论。到目前为止，已有文献很少关注二者之间的亲属关系和社会关系对创业板IPO公司绩效的影响。本文收集整理了2009年至2012年在间中国创业板IPO公司的高管和董事的相关数据，利用回归分析方法，研究了两个潜在的关系对中国创业板IPO公司绩效的影响：高管与董事之间亲属关系和社会关系对中国创业板IPO公司绩效的影响。基于Q分析法衡量高管人员与董事会成员之间的关系强度，本文研究发现：创业板IPO公司绩效与社会关系强度正相关，但是与亲属关系强度负相关；控制社会关系后，董事会独立性影响创业板IPO公司绩效；IPO公司绩效与二者之间社会联系的相关性取决于高管是与内部董事存在关系，还是与外部董事存在关系。
英文摘要：	The board of directors is an important institutional arrangement of corporate governance. Not only is it able to supervise company's management, but also can provide the top managers with some advice. However, the key to guarantee that directors effectively play a role of advice and supervision lies in the independence of the board of directors. Generally speaking，board members are considered to be independent if they have neither financial with the CEO and the firm. However, so called independent board may still have social ties with the top managers, which might impair their independence. The relationship between them may lead to the weakening of the board independence, and affect the corporate performance finally. While family ties may solve manager–owner conflicts of interests, they may also give rise to minority-shareholder expropriation and/or private benefits of control. Similarly, social ties may either create value or lead to entrenchment and excessive managerial power. In recent years, the relationship between the company's top management and the members of the board of directors has caused widespread concern. The impact of the relationship between executives and directors on corporate performance is in a heated discussion from all walks of life. Collecting the data of the listed company's executives and directors from 2009 to 2012 and using the regression analysis method, the paper studies the two potentially contrasting effects on IPOs performance of family ties as well as social ties the top management has with board members. Using q-analysis to measure the strength of top manager ties to board members, we find that IPOs performance is positively related to the strength of social ties, but negatively to the strength of family ties. We also find that, controlling for social ties, board independence affects IPOs performance. Further, we show that the association between IPOs performance and ties depends on whether they are with inside or outside directors.
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