导　　师： 黄文锋

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 作为宏观经济的微观单元，我国上市公司在促进我国经济发展和社会稳定中具有举足轻重的作用，我国上市公司的治理效率直接关系到资源的优化配置和经济的健康发展。文章从公司治理视角对公司效率损失进行系统研究，综合治理效益与治理成本两个维度全面地把握了公司治理效率问题。文章以异质性随机前沿分析方法为载体，借鉴杜邦财务分析体系，提炼出以核心能力为依托的公司价值前沿，挖掘理论价值与实际价值之间的价值偏离，进而利用各种制度约束为代理成本的内生性变量反推出代理成本，以期发现各种制度约束对于缓解代理冲突的作用效果及其稳定性，最后通过设计公司治理效率指数，客观、直接地评价我国上市公司治理局面。 研究发现，得益于公司治理准则与股权分置改革等系列制度规范，我国上市公司2002至2012年以来，公司治理效率取得明显提高，但是整体的公司治理效率水平仅为75.9/%，不容乐观。另外，反观各种治理机制，薪酬激励机制、股权治理机制、产权机制等制度约束有效地缓解了两类代理冲突，薪酬激励机制中的股权激励明显不足；外部治理机制中的债务治理机制、市场竞争机制已然成为内部治理机制的有效替代机制，然而独立董事机制虽然从形式上与国际趋同，可未见显著的治理作用。 As a microscopic unit，Chinese listed companies plays an important role inpromoting China's economic development and social stability. Governance efficiencyof listed companies directly related to the health of economic development and theoptimal allocation of resources. Base on the perspective of corporate governance, thearticles analyze the efficiency losses. In detail, we start this research though twodimensions both the benefits and costs. Using heterogeneity of the stochastic frontieranalysis method and DuPont financial analysis system, the thesis try to extract thevalue of the frontier relying on the core competence of the company, so as the cost ofthe agency conflicts. Then use a variety of institutional constraints as endogenousvariable costs of anti-launched agency costs, in order to find a variety of institutionalconstraints to ease the effects of conflict agent and its stability, and finally bydesigning corporate governance efficiency index, objective evaluation of China'slisted companies directly govern the situation. The study found, thanks to the system of corporate governance standards andspecifications such as split share structure reform, China's listed companies since2002to2012, and the company achieved significantly improved governanceefficiency, but the overall efficiency of only75.9/%, which is not optimistic. Inaddition, the contrast of various governance mechanisms, compensation incentives,equity governance, property rights mechanism effectively easing the two types ofagency conflicts, pay incentives of equity incentive is clearly insufficient; externalgovernance mechanisms debt governance mechanism, the market competitionmechanism has become an effective alternative mechanism of internal governancemechanisms, however, although the mechanism of independent directors formallywith international convergence can be no significant treatment effect.

关 键 词： 公司治理效率 代理冲突 代理成本 治理机制 核心能力 随机前沿模型

领　　域： [经济管理] [经济管理] [经济管理] [经济管理] [经济管理] [经济管理]