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论文编号：	7439
作者编号：	2120132406
上传时间：	2015/6/9 22:04:47
中文题目：	我国国有控股上市公司管理层权力与投资效率关系研究
英文题目：	Study on the Relationship between Managerial Power and Investment Efficiency in State-owned Listed Companies in China
指导老师：	张晓农
中文关键字：	管理层权力；投资效率；国有控股上市公司
英文关键字：	Managerial power; Investment efficiency; State-holding listed company
中文摘要：	管理层权力是管理层在公司各种决策制定过程以及决策实施过程中执行自身意愿并影响整个公司权力系统的能力。管理层权力包括组织权力、所有权权力、专家性权力和名望权力。管理层权力对高管薪酬、股权激励、信息操纵、股东权力以及股利分配都有重要的影响。目前在国内，对管理层的研究刚刚起步，且大多集中于与高管薪酬及业绩敏感性方面。在我国，上市公司的发展面临特殊的制度环境和不断变化的发展环境，管理层所拥有的权力不断提升，因此管理层在公司治理和管理过程中对公司的资源配置的决策力和影响力可能高于控股股东和董事会。 代理问题导致管理层与股东之间的利益和目标不一致。管理层为了自身的利益可以利用权力影响公司的投资决策，进而影响投资效率。管理层权力与公司投资效率之间存在着重要的联系。本文以我国国有控股上市公司为研究对象，选取了最终控制人类型为国有控股的619家A股上市公司，在对管理层权力理论和投资效率理论进行梳理的基础上，利用实证研究方法分析了我国国有控股上市公司管理层权力与非效率投资之间的关系，并进一步探究了国有控股上市公司管理层权力与过度投资及投资不足的关系。 本文通过研究发现所选取的国有控股上市公司样本存在着严重的非效率投资问题，其中70.31%的样本存在过度投资问题，而29.69%的样本存在投资不足问题。同时，管理层权力对投资效率有重要的影响，管理层权力与非效率投资、过度投资以及投资不足都呈显著的正相关关系，也就是说管理层权力越大，国有控股上市公司的投资效率越低。本文的研究对国有控股上市公司改善投资效率具有一定的启示。图2幅，表15个，参考文献89篇。
英文摘要：	Managerial power is the management’s ability to influence the power system of the company and to perform their own wills in the process of decision-making and implementation. It includes structural power, expert power, ownership power and prestige power. Management power has important influence on executive pay, equity incentive, information manipulation, shareholder rights and dividend distribution. At present, in China, the research of management power is just beginning, and mainly focuses on executive compensation and performance sensitivity. In our country, the development of the listed companies face special system and changing environment, and the management’s power is increasing, so their influence and decision-making ability on configuration of enterprise resources in the process of corporate governance may be higher than the controlling shareholders and the board of directors. Agency problem results in inconformity of interests and goals between management and shareholders. Management can use power to influence the company's investment decision-making, and then affect the investment efficiency for their own interests. Important link exists between the managerial power and the investment efficiency. The paper’s research object is the state-controlled listed companies in China,and select 619 public companies in A-share whose type of ultimate ownership is State-controlled. On the basis of the theory of management power and the theory of investment efficiency, the paper studies the relationship between the managerial power and investment efficiency ,and furthermore this paper explores the managerial power’s influence on overinvestment and underinvestment by using the empirical research approach. The study found that there are some serious problems in investment efficiency among samples that are selected.About 70.31% of the samples has a problem of overinvestment and about 29.69% is underinvestment.At the same time,managerial power has important influence on the investment efficiency. The correlation between managerial power and the efficiency of investment, overinvestment and underinvestment is significantly positive. In another word, the greater managerial power, the lower the investment efficiency is. The research has certain enlightenment for the state-holding listed companies to improve the investment efficiency.There are 2 figures，15 tables and 89 references in this paper.
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