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论文编号：	6358
作者编号：	1120110780
上传时间：	2014/6/9 10:53:14
中文题目：	民营上市公司创始人与董事会治理有效性研究
英文题目：	Research on Founder and Governance Effectiveness of Board in the Listed Private Enterprise
指导老师：	马连福
中文关键字：	民营上市公司；创始人；创始人董事；董事会治理；治理有效性
英文关键字：	Private listed enterprises；Founder；Founder director；The board of directors；Governance effectiveness
中文摘要：	自上世纪八十年代以来，随着国家整体经济发展政策相关管制的逐步放开，中国民营经济已经历了三十余年的市场考验，并取得了快速成长。到现在，在实体经济中民营企业已经成为重要的中坚力量和经济发展的重要推动力。民营企业一直是颇受关注的研究对象，随着各类相关研究的深入，在这一领域不断衍生出新的研究课题。在民营企业中存在一类特殊的人物，即创始人，他们在企业的产生和发展过程中起着重要的作用。不同于国有企业的国家控股性质，民营企业主要是被个人或家族创立并控制的，他们的创立者也就是企业的经营者与所有者，本文所指创始人就是这些创立者。本文以2004-2011年期间中国民营上市公司为研究对象，考察了创始人对公司价值的影响，以及创始人但任公司董事时对董事会治理有效性的影响。研究发现，创始人的存在显著的提升了公司价值，当创始人以董事角色存在于董事会中时，能够有效提升董事会治理有效性。本文分为八章：第一章介绍了研究的背景、全文结构安排和主要贡献；第二章是文献述评，将与本文相关的研究文献如创始人、创始人与企业的关系以及董事会治理有效性方面的研究进行详尽的述评；第三章对创始人与民营企业成长制度背景进行了分析；第四章是在之前分析的基础上，进行了理论推演并提出了本文的研究假设；第五章实证检验了创始人、公司治理与公司价值之间的关系；第六章深入到董事会结构内实证检验了创始人董事对董事会治理有效性的价值贡献；第七章从代表董事会治理有效性的代理成本、薪酬业绩敏感性、CEO更替业绩敏感性和董事会行为上，检验了创始人董事对董事会治理有效性的影响；第八章对全文结论进行了总结，指出了本研究的局限性并在此基础上进行了研究展望。总体而言，本文在我国市场经济的特殊背景下，细致的研究了民营上市公司中创始人如何影响公司价值，考察了创始人董事及其特征的影响，在此基础上又进一步探讨了创始人董事对董事会治理有效性的影响。本研究明晰了创始人影响公司价值的路径，突破了以往单纯研究管理者影响公司价值的范式，将创始人对企业的影响推进到了具体的治理层面，从创始人的结果性层面深入到创始人董事对董事会治理有效性影响，在董事会结构内研究了创始人董事与董事会治理之间关系。这一研究在理论上不仅拓展了现有的研究视角，而且有助于我们从根源上理解创始人影响董事会治理和公司价值的作用机理；在实践中为民营企业创始人这一特殊管理角色对企业的影响提供了直接证据，对创始人与企业的相生发展提供了一个新的和更加本质的认识。
英文摘要：	Since1980s, along with deregulation of relevant policies about the overall national economic development in China, the private economy has been put into the test of market for over 30 years and experienced a rapid growth. By now the private enterprises have become the backbone of economic growth, and the private economy is an important impetus to the development of the national economy. The private enterprises attract much attention of the scholars. With the in-depth research of all kinds, some new research topics have been derived from this field. The founders of private companies, which is a special character, play an important role in the generation and development process of enterprises. Different from the state-owned enterprises, most of the private enterprises are set up and controlled by individuals or a family. The owners and the managers are refereed as the founders of enterprises in this research. This paper takes the Chinese private listed companies during the period 2004-2011 as study sample to investigate the impact of the founder on firm value and the founder-directors’ contribution to board governance effectiveness. The results indicate that the founder has significantly increased the value of the private enterprises when they are imcumbent; and the founder acting as board member can effectively enhance the board governance effectiveness. This dissertation includes eight chapters. The first chapter mainly introduces the research background, the research structure and possible contributions. The second chapter reviewes the relevant lieratures of the founder, the relationship bwtween founders and enterprises as well as the board governance effectiveness in detail. In Chapter3, the institutional background against the development of founders and private enterprises. Based on previous analysis, chapter4 is about theoretical analysis and hypothesizing. The fifth chapter empirically investigats the relationship between the founders, corporate governance, and the value of enterprises. Chapter6 exames the founder directors’ value on the board governance effectiveness with empirical methods as well. In the seventh chapter, the agency cost, pay performance sensitivity, CEO turnover performance sensitivity and behavior of board are choosen as the representatives of board governance effectiveness to test the impacts of the founder directors on the board governance effectiveness. Chapter8 summarizes, and points out limitations of this study and the research prospect. Overall, based on the special background of market economy in China, this paper conduct a detailed study on the impact of founders on enterprise value and effect of the different characteristics of the founder directors. On the basis of above discussion, the impact of founder director on board governance effectiveness is further explored. This research brokes the research paradigm what managers affect the enterprise value purely and carries forward the study of the founders’ influence on the enterprise value to the level of specific governance, to clarify influence path of founders on firm value. These results not only expand current study range, but also be conductive on understanding the mechanism of founders’ impacts on board governance and corporate value. These results provid a direct evidence for the impact of the founder, which is a special management role in the enterprise, and a new and essential understanding on interpromoting of founders and enterprises.
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