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论文编号：	7554
作者编号：	2120132477
上传时间：	2015/6/15 8:40:53
中文题目：	董事会特征、股权集中度对财务风险影响的实证研究
英文题目：	The Research on Board Characteristic And
指导老师：	张国萍
中文关键字：	董事会特征；股权集中度；财务风险
英文关键字：	board；equity concentration；financial risk
中文摘要：	现代企业制度发展以来，以委托代理理论为基础的公司治理研究逐渐得到众多学者的关注。尤其国内外财务舞弊案件频频发生，对公司治理有效性的研究逐渐成为研究的重点。对于何种形式的公司治理机制能够有效的控制公司财务风险，随着研究设置的情境不同而结果各异。本文首先从董事会特征角度对公司财务风险控制能力的影响进行研究，在此研究基础之上，引入股权集中度这一调节变量，探究在股权集中度对董事会特征的影响下，董事会特征对风险控制的影响。发现在不考虑股权集中度的情形下，董事会规模、董事会会议频率对公司财务风险的控制能力不存在相关关系，而领导权结构、独立董事比例与财务风险的控制能力呈现正相关关系。在绩效持续表现良好的公司两职合一的领导权结构更能促进对财务风险的控制能力。在此回归分析的基础上，发现在股权集中度的调节作用下，董事会特征与财务风险控制能力仍旧没有相关性。会议频率主效应表现出与财务风险控制能力负相关关系，交互效应与财务风险控制能力表现为正向相关关系。领导权结构以及独立董事比例与财务风险控制能力呈现显著的正向相关关系，股权集中度的提高有助于加强独立董事对公司财务风险控制能力，弱化领导权结构对财务风险控制能力，但是这种弱化作用并不明显，没有通过显著性检验。为了验证交互效应的稳定性，替换了衡量股权集中度的衡量指标，将第一大股东持股比例换为赫芬达尔指数，进行稳定性检验，得到了与上述同样的结果。因此在绩效持续良好的情境中，完善董事会的结构，适当降低董事会频率、提高独立董事任职比例以及实施两职合一的领导权结构能够显著提升控制财务风险的能力。除此之外，即在绩效持续良好的情境中，适当提高股权集中度能够提升公司的财务风险控制能力。
英文摘要：	Since the development of Modern enterprise system，More and more scholars gradually pay the attention to?corporate governance research，which based on the principal-agent theory.Especially the financial fraud cases occur frequently in domestic and foreign country.Scholars have focus on the effectiveness of the corporate governance.For which kind of corporate governance mechanism can effectively control the company's financial risk，different situation will lead to different results.Therefore，this article studies concentrate on the board of directors characteristics affect the company's financial risk control ability when the company’s performance is good sustainability.Based on this study，adding the regulating variable--equity concentration，to explore the board’s impact on risk control under the influence of ownership concentration .We found that there is no relationship between board size with financial risk control，and so does board meeting frequency when regardless of the ownership concentration，While，The leadership structure and financial risk control present positive correlation.And so does the proportion of independent directors .On the basis of this regression analysis，We find that under the adjustment of the ownership concentration，board characteristics has still no relationship with the ability of financial risk control.The main effect of meeting frequency shows a negative relationship with the financial risk control ability，and the interaction effect shows the positive correlation .Both Leadership structure and independent directors proportion has significantly positive correlation with has significantly positive correlation Under the influence of ownership concentration，and it strengthen the ability of financial risk control for independent directors ，however，it will weaken the leadership structure of financial risk control ability，but the weakening effect is not clear that failed to pass the test of significance.In order to verify the stability of the interaction effect ，We use h_10 index to instead of first big shareholder's stake，we get the same results.So when it’s in good situation performance，improving the structure of the board of directors，decrease the frequency of the board of directors，improve the independent director office ratio as well as the implementation of the unity of both the leadership structure can significantly improve the ability of financial risk control.Besides，when it’s in good situation performance，increasing equity concentration can promote the company's ability of financial risk control .
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