【作者】 王凤平；

【导师】 张恩众；

【作者基本信息】 山东大学 ， 企业管理， 2008， 硕士

【摘要】 1997年爆发的亚洲金融危机使许多国家经济受到重创,特别是在2001年底陆续爆发的安然、世界通讯案,更引起全球的关注。究其原因,在很大程度上都归结为公司治理的问题。近年来,我国证券市场也发牛了许多重大的事情,PT水仙的“凋谢”,使上市公司退市成为现实;郑百文、猴王等丑闻的暴露,让人们震惊之余仍心有余悸。由此可见,加强公司治理已经成为全球的共性问题。当前中国经济正处在体制转轨时期,同时又面临经济全球化,完善公司治理任务更加艰巨。山东上市公司作为中国区域经济的一部分,既有自己的特点,也有国内上市公司的共性。本文从我国上市公司治理的发展历程入手,借鉴国内外公司治理的经验,结合我国公司治理的现状,就山东上市公司治理与经营绩效问题进行了研究,同时采用因子分析方法对山东部分上市公司的财务报表的数据进行了分析。从股权结构、董事会、高管人员薪酬等方面进行了分析,并提出了完善山东上市公司治理的建议与对策。全文共分七部分。第一部分,说明选题的缘由、研究的必要性及现实意义。第二部分,介绍了公司治理的相关概念,分析了公司治理与经营绩效之间的关系。第三部分,回顾了我国上市公司治理的发展历程,总述了中国上市公司治理的现状。第四部分,介绍了山东上市公司的发展水平和运行特点,分析了山东上市公司治理的现状。第五部分,运用因子分析评价方法和模型对山东上市公司的经营绩效进行了分析。第六部分,运用多元线性回归模型对山东上市公司治理与经营绩效的关系进行了实证分析。第七部分,针对山东上市公司治理中存在的问题,提出了一些改善的建议和对策。本文的主要结论及创新。通过实证分析发现,山东上市公司第一大股东持股比例与经营绩效成正相关关系,第二到第三大股东的持股集中度与经营绩效也成正相关关系,这说明山东上市公司股权结构比较合理。独立董事比例与经营绩效不相关,这说明山东独立董事制度并未真正发挥其作用。本文的创新之处在于:国内以往的研究主要以整个证券市场或某一行业的上市公司为研究对象,而本文以一个区域的上市公司为研究对象。用因了分析法来评价经营绩效,克服了以往用单指标或综合评价方法所带来的片面性;同时在分析山东上市公司治理与经营绩效的关系时引进了多元线性回归模型,使得出的结论更具有说服力。更多还原

【Abstract】 In 1997, Asian financial crisis did a lot of damage to the economy of many countries, especially after the events happened in Enron and WorldCom in 2001, corporate governance became the focus of the world. To the extence, they all result in the problem of corporation governance .In the past several years, a series of events have also happened in the security companys. PT Shuixian (Narcissus) became the first listed company ever to be delisted from China’s stock market; Moreover, the scandal of Zheng Baiwen、Houwang and so on, do shock the world. Above all, Strengthen the corporation governance has become the common problem of the world. Now China is in a process of transferring its system of economy and facing the economic globalization in the meantime, to perfect its corporation governance is a rough task.As a part of listed companies in China, the ones in Shandong province shared some common characteristics with others, and have their own characteristics as well. Analysing the development of Listed Companies in our country, learning from the Experience of home and abroad company, and conecting with the situation in China, this paper researches the relation between corporate governance and corporate performance, and analys the financial reports through the method of factor analysis of those listed companies in Shandong province . In the paper some proposals are provided to improve the corporate governance of Shandong listed companies from three important aspects of corporate governance, namely, board of directors, ownership structure, and manager incentives.There are seven parts in this paper. The fisrt part introduce the necessity and importence of the research. The second part is a summary of the concept, basic theory of corporate governance: and the theory of relation between corporate governance and corporate performance. The third part look back of the developed history of corporate governance, and analys the current level in China. Then introduce the developed Ievel,corprate characteristics,and current situation in Shandong listed companies. The fifth part analys the corporate performance through the method and model of factor analysis. Where after, a model of multivariate linear regression with comprehensive corporate performance is set up to make empirical study of the relation of corporate governance and corporate performance. In the end, some proposals are provided to improve the corporate governance of Shandong listed companies.The main conclusions and innovation in this paper can be summarized as the follow. We found from the empirical study that the corporate performance have the Positive correlation with the proportion of shareholding of major shareholder, as well as the second and the third shareholders. We can make the conculation that the ownership structure in Shandong is reasonable. In other wise,there is no relation between the Independent directors proportion and corporate performance, which claims that Independent director system did not really play its role. The innovation of this paper lies in:Domestic previous studies mainly in the securities market or a whole industry for the study of listed companies, where this paper studies the regional listed companies. Using factor analysis to evaluate operating performance to overcome the past by single indicator or comprehensive evaluation method brought about by the one-sidedness. At the same time in the governance of listed companies in Shandong and the relationship between the corporate performance of the introduction of multiple linear regression model, the conclusions make a more convincing.更多还原