上市公司公司治理結(jié)構(gòu)對(duì)公司財(cái)務(wù)危機(jī)的影響

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摘 要
隨著我國(guó)市場(chǎng)經(jīng)濟(jì)體制改革的不斷深入以及資本市場(chǎng)的迅速發(fā)展，經(jīng)濟(jì)領(lǐng)域中的復(fù)雜性、不確定性日益突出，企業(yè)發(fā)展面臨的不確定性也日益增加，企業(yè)因財(cái)務(wù)狀況不善而陷入經(jīng)營(yíng)危機(jī)甚至宣告破產(chǎn)的例子更是數(shù)不勝數(shù)。在競(jìng)爭(zhēng)越來越激烈的環(huán)境下，財(cái)務(wù)危機(jī)的存在時(shí)時(shí)刻刻威脅著企業(yè)的生存與發(fā)展，只有認(rèn)真研究和分析企業(yè)財(cái)務(wù)危機(jī)的形成原因，找出企業(yè)財(cái)務(wù)危機(jī)的影響因素，才能更好地識(shí)別財(cái)務(wù)危機(jī)，進(jìn)而采取有效的措施進(jìn)行防范和控制。本文以上市公司被特別處理的ST公司為對(duì)象，從公司治理結(jié)構(gòu)的角度出發(fā)，探討公司發(fā)生財(cái)務(wù)危機(jī)的深層次原因。本文的實(shí)證結(jié)果表明：我國(guó)上市公司公司治理結(jié)構(gòu)對(duì)公司財(cái)務(wù)危機(jī)具有一定的影響。本文的研究為人們深入認(rèn)識(shí)公司治理結(jié)構(gòu)的作用以及合理構(gòu)建公司治理結(jié)構(gòu)來防范公司產(chǎn)生財(cái)務(wù)危機(jī)具有一定的啟示意義。

關(guān)鍵詞：公司治理結(jié)構(gòu) 財(cái)務(wù)危機(jī) 股權(quán)結(jié)構(gòu) 董事會(huì)特征 高管激勵(lì)

Abstract
With the rapid development of our country’s market economy system reform and capital market, complexity and uncertainty in the economic field becomes increasingly prominent, uncertainty that enterprises are faced with is increasing, enterprises that run into crisis or even bankruptcy are beyond count because the enterprise financial situation is bad. In the increasingly competitive environment, the financial crisis is threatening the survival and development of enterprises, only we study and analysis the formation of enterprise financial crisis carefully, then we can find out the influencing factors of enterprise financial crisis, in order to better identify the financial crisis, and take effective measures to prevent and control. In this paper, the listing Corporation is the special treatment of the ST company as object, starting from the perspective of corporate governance structure, to explore the deep-seated causes of the financial crisis that occurred. The empirical results show that: the governance structure of China's listing Corporation has a certain impact on the company's financial crisis. The research for people to understand the company's governance structure and reasonable construction of corporate governance structure to prevent the company from financial crisis has certain enlightenment significance.

Keywords: Director of corporate governance structure Financial crisis Ownership structure The characteristics of board of directors Executive Incentive


目 錄
前 言 1
1公司治理結(jié)構(gòu)與財(cái)務(wù)危機(jī)概述 3
1.1公司治理結(jié)構(gòu) 3
1.2財(cái)務(wù)危機(jī) 3
2公司治理結(jié)構(gòu)對(duì)公司財(cái)務(wù)危機(jī)的影響分析 5
2.1股權(quán)結(jié)構(gòu)對(duì)公司財(cái)務(wù)危機(jī)的影響 5
2.1.1股權(quán)集中度對(duì)財(cái)務(wù)危機(jī)的影響 5
2.2董事會(huì)特征對(duì)財(cái)務(wù)危機(jī)的影響 6
2.2.1董事會(huì)規(guī)模對(duì)財(cái)務(wù)危機(jī)的影響 6
2.2.2董事會(huì)領(lǐng)導(dǎo)結(jié)構(gòu)對(duì)財(cái)務(wù)危機(jī)的影響 6
2.2.3獨(dú)立董事對(duì)財(cái)務(wù)危機(jī)的影響 7
2.3高管激勵(lì)對(duì)財(cái)務(wù)危機(jī)的影響 8
2.3.1高管股權(quán)激勵(lì)對(duì)財(cái)務(wù)危機(jī)的影響 8
3公司治理結(jié)構(gòu)影響公司財(cái)務(wù)危機(jī)的實(shí)證分析 10
3.1研究假設(shè) 10
3.2研究設(shè)計(jì) 11
3.2.1樣本選擇與數(shù)據(jù)來源 11
3.2.2變量的選取 11
3.2.3模型的建立 12
3.3實(shí)證過程與結(jié)果分析 12
3.3.1描述性分析 12
3.3.2相關(guān)性分析 14
4結(jié)論及建議 18
4.1結(jié)論 18
4.2建議 18
結(jié)束語 19
參考文獻(xiàn) 20
致謝 21
附錄 22