联系我们

论文查询结果	返回搜索

论文编号：	8558
作者编号：	2120142504
上传时间：	2016/6/17 21:55:29
中文题目：	董事会非正式层级对企业投资效率影响的实证研究
英文题目：	Empirical Research on the Influence of Board Informal Hierarchy on Investment Efficiency
指导老师：	张耀伟
中文关键字：	非正式层级；投资效率；董事会规模；股权集中度
英文关键字：	Board Informal Hierarchy；Efficiency of Investment；Board Size；Efficiency of Investment
中文摘要：	董事会层面的治理研究一直备受推崇，学者们从董事会规模、结构及董事会持股等各个方面对董事会治理展开研究，如今这个领域已经发展得渐趋成熟。近年来，董事会治理的研究已不再局限于从董事会整体特征层面来考虑问题，而是逐渐从董事个体特征出发，来研究其对董事会的影响及公司治理效应。由董事个体之间的不均衡性所产生的非正式层级就是在这样的背景下提出来的，非正式层级的产生对于董事会这种缺乏正式层级秩序的团队有着重要的影响，因此对非正式层级作用机理及其对企业行为的影响作用进行进一步的探讨就显得尤为必要而紧迫。 本文在借鉴已有研究的基础上，以2011-2014年度中国沪深上市公司为研究对象，从董事个体社会资本的角度，研究董事会非正式层级对投资效率的影响。本文采用理论研究与实证分析相结合的方法，主要研究思路如下：首先，从企业投资效率影响因素、董事会治理及非正式层级等几个方面进行了文献回顾和总结；其次，对董事会非正式层级与企业投资效率之间的关系进行了理论分析并提出本文的研究假设；然后通过多元线性回归分析实证检验董事会非正式层级对企业投资效率的影响作用，并探讨了董事会规模、股权集中度等变量对这种关系的调节作用；最后根据实证结果得出本文的研究结论并提出相关建议。 本文通过实证研究发现：（1）中国上市公司董事会非正式层级与投资效率之间存在显著的正相关关系。董事会非正式层级通过影响董事会决策，从而对企业投资效率产生作用；（2）董事会规模越小，非正式层级对董事会治理的影响作用越强，董事会非正式层级对企业投资效率的影响越明显。但在实际的企业实践中，要考虑到其他因素的影响。（3）大股东控制的公司，非正式层级对整个董事会的影响更显著。也就是说股权集中度对非正式层级与企业投资效率存在显著的正向调节作用。
英文摘要：	The research on board governance has been highly respected, scholars has done lots of research on it from all aspects of the board such as,board size, structure and ownership of the board and so on. This area has developed and now matured. In recent years, board governance is no longer limited to the level of features from the board as a whole to consider the issue, but gradually starting from the individual characteristics of the directors to study its impact and effect on the governance board and the company. Informal level by the imbalance between the individual directors arising in this context is proposed, informal level generated from this lack of formal hierarchical order of the board and there will be an important influence on the board of company, so a further explore on the mechanism and its influence of informal hierarchy on corporate behavior will be particularly necessary and urgent. Based on the earlier research，this paper selects Shanghai and Shenzhen listed companies in China in the period 2011--2014 year as the research object, from the perspective of the individual directors of social capital, to research on the influence of board informal hierarchy on investment efficiency. In this paper, we combine oretical research and empirical analysis method, the main ideas are as follows: first, the research of enterprise investment efficiency factors, several aspects of the board governance and informal levels and other documents were reviewed and summarized; secondly, the relationship between informal hierarchy of the board and enterprise investment efficiency has been summarized and theoretical analyzed and we put forward the hypothesis of this paper; Then do the research on the influence of board informal hierarchy on investment efficiency through multiple linear regression, and discuss about the influence of board size, ownership concentration and other variables; and finally draw conclusions based on empirical research results and make suggestion. Through empirical study we found that: there was a significant positive correlation between the Board of Directors (1) Chinese Listed Companies informal level and efficiency of investment. Board level through informal influence board decisions, which have an effect on corporate investment efficiency; smaller scale (2) Board of Directors, the better the role of the informal level, the impact of the Board of Investment Efficiency informal level more obvious. But in the actual business practice, taking into account other factors. Companies (3) major shareholders control, the impact of the informal level of the entire board of directors is more pronounced. That there is a significant concentration of ownership in the positive regulation of the informal level and investment efficiency.
查看全文：	预览  下载(下载需要进行登录)