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ID:32051906
大小:5.09 MB
页数:73页
时间:2019-01-31
《公司治理主体特征与企业成长关系分析——以部分竞争性行业上市公司为例》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、AbstractCorporategovernanceisinevitabletothemodernenterpriseifgoodperformanceismade.Tothemodernenterprises,thecorporategovernancemainfeatureandtheirperformanceisaprerequisiteroleaswellasanimportantguaranteeforthegrowthofanenterprise.Papersselected384listedA-sharecompaniesofbreweriesfood,el
2、ectricalandcommercialchainofthreeindustriesthatstocksonChina'sShanghaiandShenzhenfromJanuary1,2004toDecember31,2006asresearchsamples,usingpaneldata.Thepapermadetheempiricalanalysisbetweentheshareholderscharacteristicsandbusinessgrowthaswellasthecharacteristicsoftheboardofdirectorsandmanage
3、rsinspire.Inthispaper,internalgrowthrateandmainbusinessrevenuegrowthareselectedasanalternativeindicatorofbusinessgrowth,andOLSanalysisofthebasiceconometricmodelisused.Theresearchfindingsshow:thenatureofequityhasacertainimpactonthegrowthofanenterprise.Whenthenatureofequityisstate-owned,ente
4、rprisesgrowbetter,butnotobvious;equityconcentrationisnegativelycorrelatedwithbusinessgrowth;Itwasanegativecorrelationbetweenequitybalancesandcorporategrowth;thescaleoftheboardofdirectorsiscorrelatednegativelywithcorporategrowth;theindependenceoftheboardofdirectorsandbusinessgrowtharepositi
5、verelated,butstatisticallynotsignificant;theboardleadershipstructurehasnosignificantimpactonthegrowthofanenterprise;ithasrelationsbutnotobviousbetweenbusinessincentivesthatisusedwiththesumoftheirexecutivesandbusinessgrowth.Theresultsshowthatinourcountryatthisstagetheequityownershipstructur
6、ecaninfluencebusinessgrowthmorethanthenatureofequity.China'sspecialconditionsunderthedominanceofstate-ownedsharesindeedaffectedthegrowthofanenterprise;thescaleandtheindependenceoftheboardofdirectorshavemoreeffectonthegrowthofanenterprisethanleadershipstructure;theremunerationofseniormanage
7、menthavelimitedimpactonincentivesofbusinessgrowth.Therefore,thestructureandmechanismarethetwomajorobstaclestoimpactthegrowthofChina'slistedcompanies.Inlightoftheseconclusions,thepaperlistedsuggestionsasfollows:takeanoptimizationoptionstoequitystructure,weakenn
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