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论文编号：	720
作者编号：	2120061993
上传时间：	2008/6/20 16:31:27
中文题目：	中国上市公司控制权结构与公司绩
英文题目：	a empirical study of Control P
指导老师：	陈国欣
中文关键字：	中国上市公司 控制权结构 公司绩
英文关键字：	Chinese Listed Company Contr
中文摘要：	摘要 我国上市公司是在市场经济的发展过程中，由国有企业经过股份制改造逐步转变而来的。虽然经过二十多年的改革已经取得了一定的成果，但是我们也要看到很多企业的股份制改造其实并不是很彻底，股份公司仍然存在着许多必须解决的问题，例如，公司治理结构效能低下，约束机制和激励机制不健全，股东大会权力弱化，监事会形同虚设等。更为严重的是中国加入WTO后，企业将面临更加激烈与残酷的国际竞争。公司控制权结构的健全与否，将直接影响到公司的竞争力，进而影响到中国在世界全球化进程中的地位及影响力。而公司控制权结构在我国还是一个比较新的概念，在推进公司控制权结构的理论研究和实践运作方面还刚刚起步。从这个意义上讲，本文关于公司控制权结构与公司绩效的研究选题具有时代紧迫性及重要的理论价值和现实意义。 本文中的控制权结构，是指由所有者（股东）、董事会和高级经理层三者组成的一种组织结构。在这种结构中，上述三者之间形成一定的制衡关系，共同对公司经营绩效产生影响。公司控制权结构优化的核心目标是建立起股东大会、董事会和经理层三者之间的权利平衡的制衡结构，有效地抑制“一股独大”和内部人控制问题，并且在独立或制衡的董事会结构下，对董事会和经理层进行有效的激励与约束，切实解决股东与董事会、董事会与经理层之间的委托代理问题，从而提高公司的经营绩效，实现投资者的利益最大化。因此，本文对公司控制权结构与公司绩效的具体研究内容主要集中在以下三个方面：（1）股权结构与公司绩效；（2）董事会结构与公司绩效；（3）经理层激励与公司绩效。 本文选取中国上市公司的控制权结构作为研究对象，从两权分离以及委托代理这两个股份公司成立与发展的基本理论出发，借鉴国内外学者在相关方面的经验，对我国上市公司控制权结构公司绩效之间的关系进行了实证分析。在研究两者关系的过程中，本文选取净资产收益率等11个财务指标作为基础，使用因子分析法建立模型来计算公司绩效评价综合指标F值，分别从股权结构、董事会结构和经理层三个方面分析了上市公司控制权结构与公司绩效之间的关系。针对实证分析的结果，本文提出了推动股权结构优化，积极培育机构投资者；改进董事会运行机制，增强外部独立董事的监督作用；优化经理层激励机制，发展职业经理人市场等建议，希望能够对我国上市公司控制权结构的改进与优化提供借鉴。
英文摘要：	Abstract The listed companies in China come from the state-owned business enterprise through the share system reformation in the process of the market economy development. Although they have already obtained some result through the reformation in the past 20 years, we also need notice that the reformation of many listed companies is not very thoroughly in fact. There are still many problems need to be resolved. For example, the effectiveness of the companies' the governance system is very low, the controlling mechanism and the encouraging mechanism are not perfect, the board of shareholders' power is weaken, the supervisors don’t act as they should and so on. After entry into the World Trade Organization (WTO), Chinese corporations will face more severe and cruel international competition. Whether the corporate governance is perfect or not will influence the corporations' competition ability in some extent, and this has become one of the key factors to determine the status and influence ability of China in the world globalization. However, corporate governance is still one new concept in China, and the theoretical study and practices on corporate governance are just starting. So this paper selects corporate governance and corporate performance as its topic, which shows both theoretical and practical value in China. The control power system in this paper means a kind of organizational structure composed of the shareholders, board of directors and managers. In this kind of system, there is balance relationship among the above-mentioned three levels, and this relationship will conduct influence to the corporate performance. The core target of the company control power system is to establish a power balance structure among the shareholders, board of directors and managers. So it can avoid the problems such as ‘the only big shareholder’ and insider controlling effectively. Under the independent or balance structure of board of directors, it can encourage and control the directors and managers effectively. Furthermore, it can solve the agency problem among the shareholders, board of directors and senior managers. If so, it will improve the corporate performance and maximize investors’ benefit. So, from the bodies who are involved in corporate governance, the contents of this paper mainly focus on the following three aspects: (1) shareholders governance and corporate performance; (2) board of directors governance and corporate performance; (3) managers incentives and corporate performance. Based on the power separating and agency theories which help establish and develop the joint-stock companies, this paper selects the control power system of the Chinese listed companies to be the research objection, and do the empirical study on the relationship between control power system and corporate performance of Chinese listed companies. During the research process, this paper selects 11 finance index signs such as ROE to be the foundation in order to compute the comprehensive index f used to evaluate corporate performance by factor method. Then the paper analyses the relationships between control power system and corporate performance from three aspects. Finally, this paper put forward some useful suggestions to help improve the control power system of the listed companies in China.
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