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论文编号：	6784
作者编号：	2120123019
上传时间：	2014/12/6 11:32:06
中文题目：	HBC公司的治理结构和机制改善研究
英文题目：	Study on improving corporate governance structure and mechanism of HBC Co.,Ltd
指导老师：	周建
中文关键字：	非上市;高新技术企业;公司治理结构;公司治理机制
英文关键字：	Non-listed company; high-tech enterprises; corporate governance structure; corporate governance mechanism
中文摘要：	高新技术企业的发展在国民经济发展中起着重大的推动作用，为我国科技进步和产业优化升级做出了巨大的贡献，其中中小型高新技术企业的作用尤为突出，但处于这个发展阶段的高新技术企业往往在存在治理缺陷，限制了企业未来的发展。目前有关高新技术公司治理的研究多集中在上市公司，对非上市的中小型高新技术研究较少，与发达国家相比我国高新技术企业的相关法律法规不完善、风险资本市场发展不成熟、缺乏有效的经理人市场，因此对我国非上市中小型高新技术企业进行公司治理方面的研究具有重要的现实意义。 本文以HBC公司为研究对象，通过研究发现作为高新技术企业的HBC公司目前处于成长阶段，面临着融资、吸引人才建设团队、拓展业务加快发展速度的战略发展需求，而HBC公司目前由于股权过度集中引起公司“三权合一”、董事会缺乏独立性、监事会形同虚设，缺乏有效的制衡、监督和激励机制等公司治理问题，其公司治理现状不能满足企业发展的需求。本文在对公司治理问题的成因进行分析的基础上，结合相关理论以及国内外研究成果，在对高新技术企业与传统企业进行比较分析的基础上，吸取发达国家在高新技术企业公司治理面方面的经验，根据HBC公司所处的发展阶段，提出确保科技创始人保留控制权的基础上引入风险资本建立风险资本参与的多元化股权结构、引入独立董事建立以外部董事为主的董事会结构、建立不设监事会的外部监事结构；建立股权结构改造与组织制度建设相结合的制衡机制、充分发挥独立董事与外部审计机构联动的监督机制、承认高新技术企业人力资本的核心地位建立短期高薪酬和长期股权相结合的激励机制。 本文对HBC公司的治理结构和机制的改善研究，对我国非上市高新技术企业的公司治理具有借鉴意义，高新技术企业核心的人力资本特征决定了其公司治理不应完全按照传统企业的模式进行设计，特别是处于成长阶段的高新技术企业，其公司治理应围绕在确保科技创创始人的控制权的基础上改善公司治理结构并实现公司权力制衡、激励与约束，提升公司治理质量，促进企业业绩提升。
英文摘要：	The development of high-tech enterprises, especially the small and medium-sized high-tech enterprises (SMHE), plays a significant role in the national economic development. The SMHE possess great potential for the development of novel industries duo to their numerous and innovative. Although SMHE have made a great contribution to the acceleration of scientific and technological progress and innovation, they are at their early development stage and possess also some ignorable defects in the governance structure and operating mechanism, which limit their perfect and rapid development. Actually, studies on the governance of high-tech enterprises are more concentrated in listing Corporation, little is well known on the SMHE. Therefore, research on the corporate governance of unlisted SMHE will be of important practical significance. HBC Co. Ltd, a SMHE working in the biomedicine field, was chosen as the research object of the present thesis. It was found that the HBC Co. Ltd was at an early developing state and was faced with a great strategic demands including funds raise, talent recruitment, marketing expansion and business development. Several corporate governance defects have been found in HBC, which include an excessive concentration of ownership, resulting in the combination of three rights of company to one, the effective supervisions of either board of directors or board of supervisors are often lack, and incentive mechanism is not well established in the company. In view of the fact of HBC at developing stage and combined the corporate governance theory with the recent home and abroad research achievements on SMHE, several feasible suggestions for HBC Co. Ltd are proposed in order to improve governance and effectiveness of the company. The important issues include the introduction of venture capital into the company (equity diversification) on the basis of ensuring the holding right of the founder, the independence of the board of directors to improve balance mechanism, the improvement of the supervisory role of the board of supervisors, and the establishment of effective incentive mechanism. Improvement of corporate governance remains a significant issue for enterprises. The results obtained from the present study on the corporate governance may provide some valuable point of view and feasible suggestions for many SMHE similar to HBC Co. Ltd. The high-tech enterprises especially in their early stage of development usually have their irreplaceable human capital and technology. Therefore, the improvement of corporate governance and operating mechanism for SMHE should be realized by perfect right balance of holding shareholder and members of boards, achievement targeting, objective management, and introduction of incentive and punishment mechanism.
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