上市公司治理結(jié)構(gòu)與公司績(jī)效關(guān)系實(shí)例研究

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摘 要
出版業(yè)是文化產(chǎn)業(yè)不能忽視的重要組成部分，近幾年來(lái)由于數(shù)字出版的迅速發(fā)展，使得一些傳統(tǒng)出版業(yè)的發(fā)展遭受了一定的打擊。本文以2008年至2013年41家出版業(yè)上市公司的數(shù)據(jù)為實(shí)證分析對(duì)象，分析出版業(yè)上市公司的公司治理結(jié)構(gòu)與績(jī)效之間的關(guān)系。本文通過(guò)stata12對(duì)六年數(shù)據(jù)進(jìn)行分析，最終得出以下結(jié)論：第一大股東持股比例與凈資產(chǎn)收益率呈正相關(guān)關(guān)系；股權(quán)制衡度與公司績(jī)效呈正相關(guān)關(guān)系；獨(dú)立董事比例與公司績(jī)效呈正相關(guān)關(guān)系；每年召開董事會(huì)會(huì)議次數(shù)與公司績(jī)效呈正相關(guān)關(guān)系；經(jīng)理層薪酬與公司績(jī)效呈正相關(guān)關(guān)系。這為我們完善出版業(yè)上市公司治理結(jié)構(gòu)、提高出版業(yè)上市公司績(jī)效提供了有益的決策支持。

關(guān)鍵詞：治理結(jié)構(gòu) 公司績(jī)效 出版業(yè)上市公司

Abstract

　　Publishing industry is an important part of the cultural industry that can not be ignored. In recent years,the development of some of the traditional publishing industry has suffered some blows because of the rapid development of digital publishing. In this paper, we empirical analysis 41 listed companies in the publishing industry based on the data from 2008-2013, for the purpose to analyze the relationship between governance structure and corporate performance of listed companies which come from the publishing industry. Based on the analysis of the data for six years with stata12, we finally come to the following conclusions: the proportion of the largest shareholder in listed companies of the publishing industry showed a positive correlation with net assets yield; the equity restriction in listed companies of the publishing industry has a positive correlation with corporate performance; the proportion of independent directors of listed companies from the publishing industry is positively correlated with corporate performancev; the number of board meetings held each year has a positive correlation with corporate performance in publishing listed companies; managers pay and corporate performance is positively correlated in publishing listed companies. This provides a useful decision support for us to improve the corporate governance structure of listed publishing industry, and to improve the performance of listed companies from the publishing industry.


Key words: Governance structure Corporate Performance
Publishing listed companies

目錄
前言 - 1 -
第1章 概述 - 2 -
1.1公司治理結(jié)構(gòu)的內(nèi)涵 - 2 -
1.2公司績(jī)效的內(nèi)涵 - 2 -
1.3公司治理結(jié)構(gòu)與公司績(jī)效的關(guān)系 - 3 -
第2章相關(guān)理論與假設(shè) - 5 -
2.1股權(quán)結(jié)構(gòu)與公司績(jī)效關(guān)系的相關(guān)理論與假設(shè) - 5 -
2.2董事會(huì)治理與公司績(jī)效關(guān)系的相關(guān)理論與假設(shè) - 6 -
2.3經(jīng)理層激勵(lì)與公司績(jī)效關(guān)系的相關(guān)理論與假設(shè) - 7 -
第3章研究設(shè)計(jì) - 8 -
3.1樣本選擇以及數(shù)據(jù)來(lái)源 - 8 -
3.2變量定義 - 8 -
3.3建立模型 - 9 -
第4章實(shí)證分析 - 11 -
4.1描述性統(tǒng)計(jì)分析 - 11 -
4.2相關(guān)性分析 - 14 -
4.3異方差檢驗(yàn) - 15 -
4.4多重共線性檢驗(yàn) - 15 -
4.5回歸分析 - 16 -
第5章 結(jié)論及建議 - 18 -
5.1研究結(jié)論 - 18 -
5.1.1股權(quán)結(jié)構(gòu)與公司績(jī)效 - 18 -
5.1.2董事會(huì)治理與公司績(jī)效 - 18 -
5.1.3經(jīng)理層治理與公司績(jī)效 - 19 -
5.2管理建議 - 19 -
5.2.1關(guān)于完善股權(quán)結(jié)構(gòu)方面的建議 - 19 -
5.2.2關(guān)于完善董事會(huì)治理的建議 - 20 -
5.2.3關(guān)于完善經(jīng)理層治理的建議 - 20 -
結(jié)束語(yǔ) - 21 -
參考文獻(xiàn) - 22 -
致謝 - 23 -
附錄1 stata相關(guān)應(yīng)用命令
附錄2 數(shù)據(jù)模型相關(guān)變量數(shù)據(jù)
附錄3 樣本企業(yè)原始數(shù)據(jù)