【作者】 王西昆；

【导师】 朱和平；

【作者基本信息】 江南大学 ， 企业管理， 2008， 硕士

【摘要】 本研究以2004年在深圳中小企业板上市的38家企业为样本,结合国内外相关理论研究和中小企业板上市公司的实际状况,对中小企业板IPO中小企业中期业绩及其基于公司治理层面的影响因素展开实证检验并提出对应的改善策略。首先,运用描述性统计分析,研究样本企业的六年期整体业绩表现,并通过时间序列分析比较上市前后的总体变化趋势,通过T检验进行检验分析。为了保证考察角度的全面性,本研究对代表样本企业业绩的偿债能力、营运能力、获利能力以及成长能力进行分析,发现在我国中小企业板IPO中小企业存在着一定程度的中期业绩下滑。其次,本研究从公司治理的视角出发,对我国中小企业板IPO企业上市后三年业绩下滑进行分析和解释。根据我国股票市场的独特特征,挖掘造成我国中小企业板IPO中期业绩不佳的公司治理层面内在原因。通过建立多元线性回归模型和D-W检验,本研究提出股权集中度、控股股东性质、独立董事比例、总经理是否同时兼任董事长或副董事长、公司控制权以及流通股比例等六项影响样本企业上市后业绩的因素。其中,股权集中度与企业业绩负相关;控股股东性质、独立董事比例、公司控制权以及流通股比例与公司业绩正相关。根据实证研究,得出了公司治理对IPO中期业绩影响的若干结论。最后,以前面的实证研究为基础,针对中小企业板上市公司普遍存在的公司治理方面的问题,从优化股权结构、强化董事会治理机制、强化经理层监督和激励机制等具体方面提出对应的改善建议,以完善我国股票市场和公司治理机制。更多还原

【Abstract】 Integrated with the actual situation of the enterprises on the SME board and the theory study at home and abroad, this paper regarded 38 enterprises listed on small and medium-size enterprises board of Shenzhen as samples, conducted practical tests for the factors based on levels of corporate governance and performances of SME board.Firstly, use descriptive statistical analysis to study samples of the six-year enterprise’s overall performance and use time series analysis to inspect the general trend before and after listing. In order to ensure the comprehensive study, the paper analyzed the solvency of enterprises, operating capacity, profitability and growth capacity, which represent the performance of samples, proving that there is a certain degree of interim results decline in the SME board in China’s market.Secondly, the paper analyzed and interpreted the poor performance of China’s SME board IPO market after the listing of three years, from the perspective of corporate governance. According to the unique characteristics of China’s stock market, the paper starting from the corporate governance factors, mines the reasons for the poor performance of China’s SME board IPO for the medium term. This paper used the methods of empirical studies, proposes six inspecting factors such as the nature of controlling shareholders, the proportion of independent directors, general manager acting as the chairman or vice chairman of the same time, the power controlling the company and the outstanding shares. Among them, stake in the concentration and corporate performance is a negative correlation; the nature of the controlling shareholder, the proportion of independent directors, the company control of the outstanding shares and the proportion of company performance is a positive correlation. At last draw a number of conclusions on the inflation of corporate governance for the IPO performance.Finally, based on the front empirical research, the paper came up with proposals of the improvement of corporate governance from such aspects as optimization of ownership structure, strengthen the board governance mechanisms, and strengthen supervision of the manager and incentive mechanisms, and other specific aspects in order to improve stock market and corporate governance mechanism of china.更多还原