我国军工上市公司治理结构与公司绩效关系研究
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摘要
改革开放以来,军工企业凭借自己在技术上的优势、国家政策的扶植以及企业自身不断改善的经营,整体的经营面貌有了翻天覆地的改观,由过去的计划经济体制、国有独资经营的模式,成功实现了向市场经济体制、投资主体多元化的经营模式的转变。股份制改造是我国军工企业快速发展的有效途径,打造了一批掌握国际先进技术、经营理念灵活、市场开拓能力强、具有很强竞争力的优质企业。军工企业上市后,要保持良好的公司绩效和持续发展能力,必须建立有效的公司治理结构,公司治理的水平高低和健全与否直接影响着公司绩效的好坏。而且,目前我国尚没有关于军工上市公司治理的研究,因此,本文将我国军工上市公司治理结构与公司绩效的关系做为研究的基本内容。
本文选取由我国十一大军工集团直接或间接控股的,在1998年以前上市的公司为样本,考察公司治理结构中各个方面的安排与公司绩效的关系。
本文首先从公司治理结构的相关理论出发,通过对比国外军工企业的发展模式及我国军工企业的发展特点,并结合目前我国军工上市公司治理结构与绩效的现状,揭示出我国军工企业发展及治理结构方面存在的问题。
对军工上市公司治理结构与公司绩效之间的关系的实证研究,本文从构成公司治理结构的三个方面进行,即股权治理、董事会治理、经理层激励。本文采用因子分析法,构建出能够反映上市公司经营绩效的综合评价指标。并在实证分析中选择该绩效综合评价指标来进行检验,克服了我国学者选择单一指标或简单加权综合评分衡量公司绩效的局限性。最后,本文针对理论与实证分析的结果,提出一些能够改善公司治理结构,提高治理效率的有价值的对策建议。
Since the reform and open policy, relied on the superiority of technique, the prop of national policy as well as the progressive improvement of the enterprise's management, the overall management of the military enterprise had changed thoroughly. The military enterprise has successfully realized the transformation from the planned economy system, the state-owned sole ownership management's pattern, to the market economy system, the subject of investment multiplication business model. It is an efficient path for development of the military enterprises in China to transform to joint-stock system, which developed lots of competitive enterprises. These enterprises master the international advanced technology, and have flexible management idea and strong ability of market development. But the listed companies in military industry, which are going to maintain the good corporate performances and sustained development, must establish effective corporate governance. Corporate performance is the most effective and direct reflection to measure whether the corporate governance be healthy or not. Moreover, there have no research on the corporate governance of the China's listed companies in military industry at present in China. Therefore, this paper mainly studies the relationship between corporate governance and performance of China's listed companies in military industry.
The sample military enterprises this paper selected are the companies listed before 1998, which are held directly or indirectly by the 11 military groups, for investigating the relationship between all aspects of corporate governance patterns and performance.
Firstly, this paper introduces the theoretical study of corporate governance structure and performance. Then, through contrasting the development models between the international military enterprises and the military enterprises in China, and the present characteristics of the listed companies' governance structure and performance, the paper reveals questions which exist in the military enterprises' development and governance structure.
To analyze the relationship between corporate governance and performance of China's military listed companies, this paper embarks on three aspects which constitute the corporate governance structure: shareholders governance, board of directors governance, manager incentives. By using factor analysis method, this paper constructs the synthetical appraisement index of corporate performance. Then the paper selects the synthetical appraisement index of performance to test during the following study. It could conquer the insufficiency of using single index and simple weighted synthetical appraisement on the corporate performance. Finally, based on the results of theoretical and empirical analysis, this paper proposes some valuable suggestions which can perfect the corporate governance and enhance the efficiency of the governance.
本文选取由我国十一大军工集团直接或间接控股的,在1998年以前上市的公司为样本,考察公司治理结构中各个方面的安排与公司绩效的关系。
本文首先从公司治理结构的相关理论出发,通过对比国外军工企业的发展模式及我国军工企业的发展特点,并结合目前我国军工上市公司治理结构与绩效的现状,揭示出我国军工企业发展及治理结构方面存在的问题。
对军工上市公司治理结构与公司绩效之间的关系的实证研究,本文从构成公司治理结构的三个方面进行,即股权治理、董事会治理、经理层激励。本文采用因子分析法,构建出能够反映上市公司经营绩效的综合评价指标。并在实证分析中选择该绩效综合评价指标来进行检验,克服了我国学者选择单一指标或简单加权综合评分衡量公司绩效的局限性。最后,本文针对理论与实证分析的结果,提出一些能够改善公司治理结构,提高治理效率的有价值的对策建议。
Since the reform and open policy, relied on the superiority of technique, the prop of national policy as well as the progressive improvement of the enterprise's management, the overall management of the military enterprise had changed thoroughly. The military enterprise has successfully realized the transformation from the planned economy system, the state-owned sole ownership management's pattern, to the market economy system, the subject of investment multiplication business model. It is an efficient path for development of the military enterprises in China to transform to joint-stock system, which developed lots of competitive enterprises. These enterprises master the international advanced technology, and have flexible management idea and strong ability of market development. But the listed companies in military industry, which are going to maintain the good corporate performances and sustained development, must establish effective corporate governance. Corporate performance is the most effective and direct reflection to measure whether the corporate governance be healthy or not. Moreover, there have no research on the corporate governance of the China's listed companies in military industry at present in China. Therefore, this paper mainly studies the relationship between corporate governance and performance of China's listed companies in military industry.
The sample military enterprises this paper selected are the companies listed before 1998, which are held directly or indirectly by the 11 military groups, for investigating the relationship between all aspects of corporate governance patterns and performance.
Firstly, this paper introduces the theoretical study of corporate governance structure and performance. Then, through contrasting the development models between the international military enterprises and the military enterprises in China, and the present characteristics of the listed companies' governance structure and performance, the paper reveals questions which exist in the military enterprises' development and governance structure.
To analyze the relationship between corporate governance and performance of China's military listed companies, this paper embarks on three aspects which constitute the corporate governance structure: shareholders governance, board of directors governance, manager incentives. By using factor analysis method, this paper constructs the synthetical appraisement index of corporate performance. Then the paper selects the synthetical appraisement index of performance to test during the following study. It could conquer the insufficiency of using single index and simple weighted synthetical appraisement on the corporate performance. Finally, based on the results of theoretical and empirical analysis, this paper proposes some valuable suggestions which can perfect the corporate governance and enhance the efficiency of the governance.
引文
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[2]杨爱华.军工企业自主创新存在的问题与对策.国防科技工业,2006(3):25-27页
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[4]陈工孟,支晓强,周清杰.公司治理概论.北京:清华大学出版社,2003(9):2页
[5]孙永祥.公司治理结构:理论与实证研究.上海:上海人民出版社,2006(3):25-44页
[6]章彪.中国上市公司的治理结构与公司绩效:理论与实证研究.浙江大学博士学位论文,2003:76-80页
[7]岳云霞.上市公司股权结构与公司治理行为:来自中国的实证研究.对外经济贸易大学博士学位论文,2005:51-61页
[8]Stulz,R.Managerial control of voting rights:Financing policies and the marker for corporate control.Journal of Financial Economics.1988(20):25-54P
[9]McConnell J,Servaes H.Additional evidence on equity ownership and corporate value.Journal of Financial Economics.1990(27):595-612P
[10]Lipon,M.and Lorch,J.A modes proposal for improved corporate governance.Business Lawyer.1992(48):59-77P
[11]Yermack,D.High market valuation of companies with a small board of divectors.Journal of Finance Economics.1996(40):185-211P
[12]Cho,Myeong-Hyeon.Ownership structure,investment,and the corporate value:An empirical analysis.Journal of Financial Economics.1988(47):103-121P
[13]Himmelberg,C.P.R.,G..Hubbard and D.Palia.Understanding the determinants of managerial ownership and the link between ownership and performance.Journal of Financial Economics.1999(53):353-384P
[14]Aggarwal,R.,Samwick.empire-builders and shirkers:investment,firm performance,and managerial incentives.Journal of Corporate Finance.2006(12):489-515P
[15]吴淑琨,柏杰,席酉民.董事长与总经理两职的分离与合一-中国上市公司实证分析.经济研究,1998(8):21-28页
[16]孙永祥,黄祖辉.上市公司的股权结构与绩效.经济研究,1999(12):45-53页
[17]许小年,王燕.中国上市公司的所有制结构与公司治理.北京:中国人民出版社,2000(4):105-124页
[18]施东晖.股权结构、公司治理与绩效表现.世界经济,2000(12):37-44页
[19]魏刚.高级管理层激励与上市公司经营绩效.经济研究,2000(3):32-39页
[20]何旭强,袁国良.从“股票奖励”到“股票期权”.资本市场杂志,2000(3):23-25页
[21]徐二明,王智慧.我国上市公司治理结构与战略绩效的相关性研究.南开管理评论,2000(4):4-14页
[22]刘国亮,王加胜.上市公司股权结构、激励制度及绩效的实证研究.经济理论与经济管理,2000(5):40-45页
[23]朱武祥,宋勇.股权结构与企业价值-对家电行业上市公司实证分析.经济研究,2001(12):66-72页
[24]陈小悦,徐晓东.股权结构、企业绩效与投资者利益保护.经济研究,2001(11):3-11页
[25]李有根,赵西萍,李怀祖.上市公司的董事会构成和公司绩效研究.中国工业经济,2001(5):48-53页
[26]杜莹,刘立国.股权结构与公司治理效率:中国上市公司的实证分析.管理世界,2002(11):124-133页
[27]李豫湘,杜莉,彭正新.上市公司股权集中的适度性对治理效率的影响.重庆大学学报,2002(11):126-130页
[28]陈朝龙.中国上市公司管理导激励的实证研究.重庆大学学报(社会科学版),2002(5):24-26页
[29]肖作平.股权结构、资本结构与公司价值的实证研究.证券市场导报,2003(1):71-76页
[30]张宗益,宋增基.上市公司股权结构与公司绩效实证研究.数量经济技术经济研究,2003(1):128-132页
[31]周建波,孙菊生.经营者股权激励的治理效应研究-来自中国上市公司经验证据.经济研究,2003(5):74-82页
[32]Huang,C.The separation of ownership and control in the Chinese stock markets.Working,Patter,2004
[33]费方域.企业的产权分析.上海人民出版社,2006(3):162-172页
[34]吴敬琏.现代公司与企业改革.天津人民出版社,1994
[35]霍为民.对军工企业的再认识.航天工业管理,1991(8):23-26页
[36]Stuart L.Gillan.Recent developments in corporate govemance:an overview.Journal of Corporate Finance,2006(12):381-402P
[37]陈立泰.转型时期中国上市公司绩效问题研究.四川大学博士论文,2005:41-46页
[38]杨召文.我国上市公司治理与战略绩效的关系研究.武汉理工大学博士论文,2005:29-34页
[39]李维安等.公司治理.天津:南开大学出版社,2000.2
[40]赖建清,李常青,谢志锋.公司董事会特征与绩效研究综述.当代财经,2004(8):74-77页
[41]方淑芬,贾成旗.国外军工企业产权制度现状研究与借鉴.价值工程,2006(12):121-123页
[42]罗开元.我国军工企业如何走股份制道路.航天技术与民品,1999(3):23-26页
[43]朱火弟,徐刚.军工企业治理模式与路径取向.改革,2007(6):92-95页
[44]罗开元.西方股份制军工企业研究及我国军工企业改制策略探讨.军事经济研究,1999(7):11-15页
[45]张宏飞.以兼并求生存-1997年欧洲军工企业发展概况.国有资产管理:1998(8):50-51页
[46]何自力.论机构投资者在美国公司治理中的作用.南开经济研究,1998 (3):57-65页
[47]姜增伟.国外企业经营的用人之道.中国改革,2004(4)
[48]曹海东,任一龙.中国民营企业垂涎军火市场.经济,2005(7):44-49页
[49]国家国防科技工业局http://www.constind.gov.cn
[50]颜莉.中美上市公司内部控制信息披露制度比较.中国乡镇企业会计,2007(10):118-119页
[51]人民网http://www.people.com.cn
[52]21世纪经济报道http://www.21cbh.com
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[57]谢光耀.美国军工企业购并对我国的启示.中期国防,2005(2):18-21页
[2]杨爱华.军工企业自主创新存在的问题与对策.国防科技工业,2006(3):25-27页
[3]郑红亮.公司治理理论与中国国有企业改革.经济研究,1998(10):20-27页
[4]陈工孟,支晓强,周清杰.公司治理概论.北京:清华大学出版社,2003(9):2页
[5]孙永祥.公司治理结构:理论与实证研究.上海:上海人民出版社,2006(3):25-44页
[6]章彪.中国上市公司的治理结构与公司绩效:理论与实证研究.浙江大学博士学位论文,2003:76-80页
[7]岳云霞.上市公司股权结构与公司治理行为:来自中国的实证研究.对外经济贸易大学博士学位论文,2005:51-61页
[8]Stulz,R.Managerial control of voting rights:Financing policies and the marker for corporate control.Journal of Financial Economics.1988(20):25-54P
[9]McConnell J,Servaes H.Additional evidence on equity ownership and corporate value.Journal of Financial Economics.1990(27):595-612P
[10]Lipon,M.and Lorch,J.A modes proposal for improved corporate governance.Business Lawyer.1992(48):59-77P
[11]Yermack,D.High market valuation of companies with a small board of divectors.Journal of Finance Economics.1996(40):185-211P
[12]Cho,Myeong-Hyeon.Ownership structure,investment,and the corporate value:An empirical analysis.Journal of Financial Economics.1988(47):103-121P
[13]Himmelberg,C.P.R.,G..Hubbard and D.Palia.Understanding the determinants of managerial ownership and the link between ownership and performance.Journal of Financial Economics.1999(53):353-384P
[14]Aggarwal,R.,Samwick.empire-builders and shirkers:investment,firm performance,and managerial incentives.Journal of Corporate Finance.2006(12):489-515P
[15]吴淑琨,柏杰,席酉民.董事长与总经理两职的分离与合一-中国上市公司实证分析.经济研究,1998(8):21-28页
[16]孙永祥,黄祖辉.上市公司的股权结构与绩效.经济研究,1999(12):45-53页
[17]许小年,王燕.中国上市公司的所有制结构与公司治理.北京:中国人民出版社,2000(4):105-124页
[18]施东晖.股权结构、公司治理与绩效表现.世界经济,2000(12):37-44页
[19]魏刚.高级管理层激励与上市公司经营绩效.经济研究,2000(3):32-39页
[20]何旭强,袁国良.从“股票奖励”到“股票期权”.资本市场杂志,2000(3):23-25页
[21]徐二明,王智慧.我国上市公司治理结构与战略绩效的相关性研究.南开管理评论,2000(4):4-14页
[22]刘国亮,王加胜.上市公司股权结构、激励制度及绩效的实证研究.经济理论与经济管理,2000(5):40-45页
[23]朱武祥,宋勇.股权结构与企业价值-对家电行业上市公司实证分析.经济研究,2001(12):66-72页
[24]陈小悦,徐晓东.股权结构、企业绩效与投资者利益保护.经济研究,2001(11):3-11页
[25]李有根,赵西萍,李怀祖.上市公司的董事会构成和公司绩效研究.中国工业经济,2001(5):48-53页
[26]杜莹,刘立国.股权结构与公司治理效率:中国上市公司的实证分析.管理世界,2002(11):124-133页
[27]李豫湘,杜莉,彭正新.上市公司股权集中的适度性对治理效率的影响.重庆大学学报,2002(11):126-130页
[28]陈朝龙.中国上市公司管理导激励的实证研究.重庆大学学报(社会科学版),2002(5):24-26页
[29]肖作平.股权结构、资本结构与公司价值的实证研究.证券市场导报,2003(1):71-76页
[30]张宗益,宋增基.上市公司股权结构与公司绩效实证研究.数量经济技术经济研究,2003(1):128-132页
[31]周建波,孙菊生.经营者股权激励的治理效应研究-来自中国上市公司经验证据.经济研究,2003(5):74-82页
[32]Huang,C.The separation of ownership and control in the Chinese stock markets.Working,Patter,2004
[33]费方域.企业的产权分析.上海人民出版社,2006(3):162-172页
[34]吴敬琏.现代公司与企业改革.天津人民出版社,1994
[35]霍为民.对军工企业的再认识.航天工业管理,1991(8):23-26页
[36]Stuart L.Gillan.Recent developments in corporate govemance:an overview.Journal of Corporate Finance,2006(12):381-402P
[37]陈立泰.转型时期中国上市公司绩效问题研究.四川大学博士论文,2005:41-46页
[38]杨召文.我国上市公司治理与战略绩效的关系研究.武汉理工大学博士论文,2005:29-34页
[39]李维安等.公司治理.天津:南开大学出版社,2000.2
[40]赖建清,李常青,谢志锋.公司董事会特征与绩效研究综述.当代财经,2004(8):74-77页
[41]方淑芬,贾成旗.国外军工企业产权制度现状研究与借鉴.价值工程,2006(12):121-123页
[42]罗开元.我国军工企业如何走股份制道路.航天技术与民品,1999(3):23-26页
[43]朱火弟,徐刚.军工企业治理模式与路径取向.改革,2007(6):92-95页
[44]罗开元.西方股份制军工企业研究及我国军工企业改制策略探讨.军事经济研究,1999(7):11-15页
[45]张宏飞.以兼并求生存-1997年欧洲军工企业发展概况.国有资产管理:1998(8):50-51页
[46]何自力.论机构投资者在美国公司治理中的作用.南开经济研究,1998 (3):57-65页
[47]姜增伟.国外企业经营的用人之道.中国改革,2004(4)
[48]曹海东,任一龙.中国民营企业垂涎军火市场.经济,2005(7):44-49页
[49]国家国防科技工业局http://www.constind.gov.cn
[50]颜莉.中美上市公司内部控制信息披露制度比较.中国乡镇企业会计,2007(10):118-119页
[51]人民网http://www.people.com.cn
[52]21世纪经济报道http://www.21cbh.com
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