【作者】 张海生；

【导师】 宋德勇；

【作者基本信息】 华中科技大学 ， 西方经济学， 2008， 博士

【摘要】 公司治理结构具有很强的现实性,是全球的一个共性问题。近年来,我国许多上市公司接连不断地出现问题,已经严重威胁到我国上市公司和资本市场的健康发展,对我国的经济转型产生了不良影响。因此,研究和探讨我国上市公司的治理结构现状、问题及其优化途径,无疑具有极其重要的意义。本论文首先回顾了西方经济学家各时期各学派对公司和公司治理结构的论述,从历史角度考察了公司治理理论的起源和发展,剖析了主要理论对公司治理结构理论的重要贡献。在此基础上,归纳比较了学术界公认的四种具有代表性的公司治理结构模式,即,以英国美国为代表的股权主导模式、以德国日本为代表的债权主导模式、以东南亚国家为代表的家族主导模式和以俄罗斯为代表的经济转型模式,目的在于通过比较研究,探讨其中一些规律性的东西,扬长避短,从而对我国公司治理结构模式的探索提供一些积极的指导。其次,本论文按照我国上市公司内部治理结构各组成机构,分别剖析了股东大会、董事会、监事会和管理层存在的主要问题及其产生的原因。这些问题包括股权结构不合理、股东大会流于形式、董事会责任淡化、独立董事缺乏独立和监事会作用有限等等。正是这些问题导致股东大会和监事会对董事会的监控失效,董事会对经理层的监控失效,进而上市公司内部治理结构失效。同时,本论文分析了我国上市公司的外部治理环境,以及监控因素如市场监控、利益相关者监控、政府监控、法律监控和其它外部监控存在的问题,指出这些问题的综合作用,尤其是行政干预、有法不依的负作用导致我国上市公司外部治理结构失灵。为定量分析上市公司内部治理结构与其绩效的关系,克服过往研究公司治理各变量之间的多重共线性问题以及模型缺失总量分析的缺陷,本论文对上市公司的治理结构采用单一综合指标(CGI)来测度。该指标建立在股权结构、董事会状况、管理层状况、资本结构四个纬度之上,并选用和股东切身利益最为相关的股东权益回报率(ROE)作为上市公司绩效指标。而研究样本选自构成上证50指数的上市公司2007年12月31日的截面数据。分析结果表明,尽管上市公司绩效还受到诸如政治等因素相当大的影响,上市公司治理结构的改善有益于上市公司绩效的提升。最后,本论文针对公司治理结构起源的根因,结合上市公司突出的特性——公众性(无隐私性),提出我国上市公司内部治理结构优化途径的关键在于增加透明度(降低信息不对称度)、减低监控成本(提高市场参与度)和健全激励机制和约束机制(减少目标函数不一致性);外部治理结构的优化的关键在于营造良好的资本市场环境。重点应该是政府由多重角色逐渐转变为市场规则的制定者和监督者,完善相关法律法规、尤其是加强对信息披露方面的监管与处罚力度,使资本市场更适合于投资而非投机,避免资本市场中投机人这一“劣币”驱逐走投资人这一“良币”。本文研究的创新点主要有三个:第一,按照上市公司内部各组成部分的作用和地位来划分上市公司内部治理结构,这些组成部分包括最高权力机构、决策机构、监督机构和执行机构,并按照此种划分思路具体剖析了我国上市公司内部结构各组成部分存在的问题。第二,指出我国上市公司外部治理结构中存在产品市场监控机制失灵。研究指出,在中国产品市场中存在相当严重的垄断现象,主要表现为行政垄断问题突出,经济垄断大量存在以及垄断与市场集中度低、规模不经济并存,从而使得外部治理结构中的产品市场监控机制失灵。第三,采用单一综合指标(CGI)来测度上市公司的治理结构,克服了过往研究公司治理各变量之间的多重共线性问题以及模型缺失总量分析的缺陷。其中单一的综合指标采用完全面向数据的因子分析法形成,并将之与单一的公司主要绩效指标进行实证分析,结果发现:尽管影响效果不甚明显,上市公司治理结构对上市公司绩效存在正向影响。更多还原

【Abstract】 Corporate governance structure is a very practical and common issue in the world. Recently, many listed companies in China have got problems in this aspect, which is seriously threatening the healthy development of both listed companies and capital market in China and is having negative influence on China’s economic transition. Therefore, to study the status quo, problems and solutions of Chinese listed companies is a very important topic.Firstly, this article looked back upon all related illustration about corporate and corporate governance during different times, explored the origin and development of corporate governance, and analyzed the contribution of major theories. Based on this, this article summarized and compared the general four modes of corporate governance structure, namely: UK-US mode, Germany-Japan mode, South-east Asia mode and Russia mode. The comparison study aimed to provide a guide toward China’s corporate governance structure.Secondly, according to the structure of internal corporate governance in Chinese listed companies, this article analyzed the problems and reasons in AGM, board of directors, board of supervisors and management. All those problems include bad share structure, weak AGM, lack of responsibility for board, lack of real independent directors, etc, which gave rise to inefficiency of supervision and internal corporate governance. Meanwhile, this article analyzed the external corporate governance environment of Chinese listed companies and problems of supervision factors including market supervision, stakeholder supervision, government supervision, law supervision and other external supervision. In the end, it pointed out that all those factors induced the failure of external corporate governance structure in Chinese listed companies, especially the negative role of administrative intervention and poor legal system. In order to do quantitative analysis on the relationship between internal corporate governance structure and corporate performance, and to overcome multicollinearity among each variable and lack of total analysis, this article tried to set a single comprehensive index (CGI) to measure corporate governance, which was based on share structure, board structure, management structure as well as capital structure. About the corporate performance, the index of ROE was adopted. All related data were selected from Shanghai 50 Index dated December 31, 2007. The result shows that although corporate governance has a positive influence on corporate performance, this influence is not so obvious.Finally, by analyzing the origin of corporate governance structure and considering the typical feature (openness) in Chinese listed companies, this article came up with that the key way to improve internal corporate governance is to increase transparency, reduce supervision cost and better motivation system and restriction system; while the key way to improve external corporate governance is to create a good environment for capital market, thus, government agency should position itself as a market rule maker and supervisor, it also should perfect the legal system especially in the way of information release, so as to limit speculative activities and avoid Gresham’s Law in capital market.This article tries to make innovations in the following aspects:First, to divide the internal corporate governance structure according to the highest authority, decision-making body, supervision body and executive body, namely according to the role and position of internal parts in listed companies, and to explore the problems of internal corporate governance structure.Second, to illustrate that there is serious monopoly in China’s product market, including administrative monopoly and economic monopoly, and there is excessive competition as well as the lack of scale of economy, all of which cause the supervision failure of product market in external corporate governance. Third, to set up a single comprehensive index (CGI) to measure corporate governance by factorial analysis method, and then conduct regression analysis between CGI and corporate performance. By taking 49 listed companies that constitute Shanghai 50 Index as samples, this article comes to conclude that although corporate governance has a positive influence on corporate performance, this influence is not so obvious.更多还原