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论文编号：	769
作者编号：	2120062048
上传时间：	2008/6/24 10:31:45
中文题目：	公司治理对证券市场超额回报的影
英文题目：	The Effect of Corporate Govern
指导老师：	武立东
中文关键字：	公司治理;证券市场;股票价格;超<
英文关键字：	Corporate Governance;Stock Mar
中文摘要：	时至今日，投资者对于公司治理问题给予越来越多的关注，使得公司治理成为资本市场上新的焦点。世界各国纷纷推出了各种公司治理评价体系，同时为了制定公司治理的指引、描述公司治理实践，一些国家和地区的有关部门陆续制定了专门的公司治理披露政策。 在公司治理与公司绩效的关系越来越明显的背景下，本研究将公司治理与资本市场的关系提出来，关注治理因素在投资者决策中起的作用。因此，公司治理对于股票市场超额回报的影响成为了本文研究的核心问题。 本研究首先分析了公司治理的发展现状，在此基础上提出了本论文的研究意义，并对公司治理与超额回报的国内外相关研究进行了系统的回顾。 本研究的核心部分从理论上分析了公司治理对于证券市场超额回报的影响。首先，在信息披露理论的信息观和计价观下，通过公司治理与公司绩效的关系，建立起了公司治理与股票价格的关系。然后，在投资者预期的角度，分析超额回报在有效市场存在的合理性与意义，并通过对于公司治理不同角度即董事会治理、监事会治理、经理层治理和股权治理的角度对于证券市场投资者超额回报影响的分析提出假设。在此基础上，本研究对于中国证券市场2002-2006年共5年间的上市公司治理指标与市场累计超额回报的关系建立模型，并进行回归分析。实证结果表明，在我国证券市场上，上市公司的公司治理通过董事会治理、监事会治理、股权治理、经理层治理等指标对于投资者超额回报存在一定程度的影响。 未来对公司治理的研究将转向资本市场的效应，即进一步与股票价格联系起来。因此，对于公司治理与股票市场超额回报关系的研究具有重要的理论意义，对完善我国上市公司披露、提高投资者理性、发布公司治理股价指数、提升上市公司治理水平以及提高资本市场的效率具有重要的现实意义。
英文摘要：	Nowadays， the investors pay more attention to the corporate governance. As a result of that, the corporate governance comes to be the new focal point during the course of the stock market development. In order to ensure the investors’legitimate rights and interests，various corporate governance valuation system were issued in many countries all over the world. In order to describe the practice of corporate governance, some countries or the local departments formulated the special corporate governance disclosure policy or instruction one after another. On the condition of that the relation between the corporate governance and the corporate performance is being revealed， it is necessary to study the relationship between the corporate governance and the capital market. So the effect of the corporate governance on the abnormal returns on the stock market is the core of the research. At first，the thesis represented the significance of the research on the base of the status of the development of the corporate governance. And then it reviewed the theories related in this research. In the core chapter of the thesis，it analyzes the effect of the corporate governance to the abnormal returns theoretically. Firstly，depending on the information perspective and the valuation perspective，through the relation between the accounting earnings and the stock price，it founds the relation between corporate governance and the stock price. Then in the point of investor，the thesis analyzes the rationality and the significance of the exist of the abnormal returns from many different sides，such as board governance，supervisory board governance，ownership structure governance and executive governance. And then according to the analysis the research proposed the hypotheses. The research takes the samples all over the Chinese stock market ranged from 2002 to 2006 to exam the hypotheses. It shows that the abnormal returns have been affected by the corporate governance through board of directors，board of supervisory directors，executive governance and ownership structure governance. Future research of corporate governance will focus to the market effect，namely further relates corporate governance and the stock price. So the study of the relation between corporate governance and abnormal returns will be significant in theory. And the empirical results are beneficial to promote the corporate governance disclosure of listed companies，to improve the irrationality of investors，to issue the corporate governance stock price index，to enhance the corporate governance level of listed companies，and to raise capital market efficiency in practice.
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