我国上市公司内部治理结构与投资价值关系实证分析

摘要我国上市公司逐年增长，越来越多的上市公司使得众多股民在选择股票的时候越来越迷茫，因此研究企业投资价值越来越有必要。保证公司决策的科学性和公司管理高效性是由合理的公司内部治理实现的，它会影响一个企业的绩效。企业绩效与企业价值密切相关，因此本文将对公司内部治理结构与投资价值的关系进行实证研究，从而得出有效的相关关系。本文选取2011 年之前在我国沪、深交易所A股市场上市的1625 家上市公司作为研究对象，将 2011-2013 年的上市公司数据作为研究依据，利用 Excel 软件对数据进行收集和整理，运用 Eviews3 软件对整理的数据进行统计分析，研究上市公司内部治理结构与投资价值之间的关系。研究结果表明：（1）上市公司第一大股东持股比例与投资价值成正比；（2）上市公司第二到第十大股东持股比例与投资价值成正比；（3）上市公司流通股比例与投资价值的关系并不显著；（4）上市公司管理层持股比例与投资价值成正比；（5）上市公司董事会规模与投资价值成反比；（6）上市公司监事会规模与投资价值的关系不显著；（7）上市公司企业规模与投资价值成正比。 31021
毕业论文关键词上市公司内部治理结构投资价值
   Title Empirical analysis on the relationship between Internal governance structure and Investment value on listed companies
Abstract Because l isted companies from China is increasing, which making many investors to be more and more confused in choosing stocks, so the study of investment value is increasingly necessary. Ensuring the company’s scientific decision-making, and the company’s management level is implemented by corporate governance, and it will affect a firm's performance. Enterprise performance and Investment value are closely related, so this article will have an empirical analysis on the relationship between corporate governance structure and investment value to get an effective relationship. This paper selects 1625 listed companies listed on China's Shanghai and Shenzhen a-shares before 2011 as the object of study, uses Excel software for data collection and collation, uses Eviews3 software for statistical analysis, to research the relationship between internal governance structure of listed companies and investment value. My research result shows that: (1) Shareholding proportion of the first majority shareholder on listed company and investment value is directly proportional ; (2) Shareholding proportion of the second to tenth majority shareholder in listed company and investment value shows a positive correlation; (3) Tradable Shares Percentage in listed company is proportional   to investment value , but the result is not significant; (4) managerial ownership in listed company and investment value is directly proportional ; (5)Board Size in listed company and investment value shows a negative correlation;(6) The size of the Supervisory Board of listed company is proportional   to the investment value, but the result is not significant, (7) listed company ’s investment value is positive with enterprise size.
Keywords   listed company Internal governance structure Investment value
目次
1绪论..1
1.1研究背景以及意义.
错误!未定义书签。
1.2研究方法.
错误!未定义书签。
1.3研究思路.
错误!未定义书签。
2理论基础及研究综述3
2.1相关理论概述..3
2.2公司内部治理结构的界定4
2.3衡量投资价值的财务指标5
2.4公司治理结构与投资价值的关系6 我国上市公司内部治理结构与投资价值关系实证分析:http://www.youerw.com/jingji/lunwen_27036.html