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论文编号：	8560
作者编号：	2120142466
上传时间：	2016/6/17 22:08:02
中文题目：	创投持股、董事会特征与公司绩效 ——基于创业板公司的经验数据
英文题目：	Venture Capital Holdings，Board Characteristics and Corporate Performance -- Based on the Empirical Data of GEM Listed Corporations
指导老师：	郝臣
中文关键字：	创投持股，董事会特征，创业板公司绩效，中介效应
英文关键字：	Venture capital holdings,d Characteristics; GEM Corporate Performance; Mediating effec
中文摘要：	创业投资机构曾是美国创业密度爆发性提升的重要因素，这种创新性的融资工具曾经为美国的经济转型提供了重要支持，而这一切正发生在目前的中国，近年来创投在中国发展迅猛，且其重要性与日俱增。基于经典的“监督假说”理论和“认证假说”理论，国内外证明了创投持股作用于所投资公司绩效的研究已较为丰富，同时创投持股对所投公司董事会特征的作用也得到了已有研究证明。而国外经典研究中不乏讨论创投持股、公司治理特征以及公司绩效三者关系的研究，国内这方面的研究正慢慢开始丰富起来，而这其中将董事会特征作为中介变量进行具体讨论的相关研究目前还比较少。结合对经典理论以及已有研究成果的分析，本研究选取2010年-2014年的创业板上市公司作为研究对象，选取净资产收益率、总资产周转率及营业收入增长率三个指标为因变量，选取创投持股比例为自变量，选取独立董事比例、董事会成员持股比例、董事会规模及两职合一四个指标作为中介变量，基于Baron和Kenny在1986年提出的“逐步检验法”，研究创投持股、董事会特征以及公司绩效三个指标两两之间的相关性，并分析董事会特征在创投持股和公司绩效关系中的中介作用。研究发现创投的存在会导致创业板公司的董事会规模扩大，并且会增加其董事会中独董的人数比例和董事持股比例，而在这个过程中，创投所投资公司的绩效得到了提升，即“监督假说”理论中创业投资机构通过改善公司治理水平形成价值增值的观点在创业板上市公司中成立。创业板公司的创投股东们通过监督所投资的公司，提供监督和公司治理改善等增值服务，来实现投资公司的绩效提升。而在这整个过程中，董事会是其中一个作用路径，即创业板上市公司的创投股东们通过改变所投资公司的董事会特征，改善了其公司治理水平，并最终改善了所投资公司的盈利性和成长性。 关键词：创投持股；董事会特征；创业板公司绩效；中介效应
英文摘要：	Venture capitals was an important factor for the outbreak of entrepreneurial in America, it once provided important support for the transformation of America's economic, and now venture capital is developing rapidly and becoming more and more important in China. Based on "monitoring hypothesis" theory and "certification hypothesis" theory, related researches have proved the effect venture capital holding on company performance and board characteristics. Some classic foreign studies discussed the three relations between venture capital holdings, corporate governance and corporate performance, but related domestic researched is still relatively few, especially the researches chose board characteristics as their mediator variable. Based on the analysis of classical theories and existing researches, this study selected the data of GEM Listed Corporations in 2010-2014 year as sample, selected ROE, TOA and the growth rate of operating incomes as dependent variables, selected VC holding as independent variable, and selected proportion of independent directors, board size, board shareholding and duration as intermediary variables. Based on "methods of gradual examination” proposed by Baron and Kenny in 1986, analyzed the correlations between variables and the mediating effect of board characteristics. The study found venture capital holding leads to a bigger boards with more independent directors and higher proportion of directors holding, and in this process, invested company’s performance has improved, thus we proved the monitoring hypothesis theory that claims VC improved invested companies’ performance by improving their governance applies to the GEM listed companies in china. In the value-added process of VC holders, it is proved to be an important way to change the board characteristics and thus improve the level of corporate governance. Key Words: Venture capital holdings; Board Characteristics; GEM Corporate Performance; Mediating effect
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