终极控制人特征、审计意见与高管变更
发布时间：2018-08-08 11:25
【摘要】：随着世界经济的快速发展,经济全球化的进程不断加快,公司治理的研究也日益地深入,作为公司管理的中心人物——高管人员对公司的发展与命运发挥着越来越重要的作用。高管变更作为完善公司治理机制的一个重要途径,已成为股东解决委托代理问题、提高公司治理效率及提升公司价值的重要手段。审计意见作为公司经营效率的重要外部治理机制,对维持公司在中小股东心中的声誉具有重要的影响,它是不是会成为股东变更高管人员的依据?这是本文拟解决的问题。 本文以2004-2011年间被出具非标准审计意见的A股上市公司和其配对样本共2110家公司作为研究对象,基于契约理论与委托代理理论、公司治理理论、投资者保护理论和声誉机制理论对终极控制人、审计意见和高管变更之间的关系进行了分析讨论。本文根据终极控制人的股权性质以及两权分离度,将样本进行分组,检验不同类型的终极控制人发生高管变更的可能性是否存在差异,以及终极控制人与审计意见的交叉项与高管变更之间的相关关系。 通过实证分析,本文得出以下三个结论：(1)审计意见与高管变更间存在着显著的正相关关系,即当企业被出具非标准审计意见时,发生高管变更的可能性会加大。(2)终极控制人特征与企业是否发生高管变更存在一定的相关关系,终极控制人为政府的企业及不存在两权分离的企业更易发生高管变更。(3)终极控制人股权性质与审计意见的交互项与高管变更负相关,表明相对于不是政府控制的企业,政府控制的企业被出具非标审计意见时高管变更的概率更低；终极控制人两权分离与审计意见的交互项与高管变更相关关系不显著,表明相对于不存在两权分离的企业,存在两权分离的企业被出具非标审计意见时对高管变更的影响不显著。最后,依据经研究所得出的结论,本文对完善公司内部治理机制方面提出了相应的建议。 本文的主要贡献在于：(1)本文的选题具有一定的新颖性,以往有关高管变更的影响因素的研究主要集中在公司治理和经营绩效两个方面,审计意见作为有效的外部监督机制一直没有受到应有的关注,本文从审计意见这一视角出发,分析审计意见对高管变更的作用机制,丰富了关于公司治理的研究。(2)从终极控制人角度出发,分析其对高管变更的影响作用。以往有关高管变更的股权性质这一影响因素的研究主要是从企业的第一大股东股权性质进行研究的,而并未追溯到企业的终极控制人,但随着企业内部资本市场的构建,集团内金字塔层级数的不断增加,将终极控制人引入到公司治理的研究中来显得尤为必要,本文从终极控制人的性质出发,研究其对审计意见与高管变更间关系的影响作用,丰富了终极控制人方面的研究。
[Abstract]:With the rapid development of the world economy, the process of economic globalization is accelerating, and the research on corporate governance is becoming more and more in-depth. As the central figure of the company management, executives play a more and more important role in the development and fate of the company. As an important way to improve the corporate governance mechanism, the executive change has become a stock. It is an important means to solve the problem of principal and agent in the East, to improve the efficiency of corporate governance and to improve the value of the company. As an important external governance mechanism of the efficiency of the company, the audit opinion has an important influence on maintaining the company's reputation in the hearts of small and medium shareholders. Is it a basis for the shareholders to change the executives? This is to be solved in this paper. Problem.
In this paper, 2004-2011 A shares listed companies and 2110 pairs of paired samples issued by non standard audit opinions are taken as the research object. Based on the contract theory and principal-agent theory, corporate governance theory, investor protection theory and reputation mechanism theory, the relationship between the ultimate controller, audit opinion and executive change is carried out. Based on the ownership nature of the ultimate controller and the separation of the two rights, this paper divides the samples into groups to test the difference in the possibility of different types of ultimate controllers, as well as the relationship between the cross term of the ultimate controller and the audit opinion and the change of senior executives.
Through the empirical analysis, this paper draws the following three conclusions: (1) there is a significant positive correlation between the audit opinion and the executive change, that is, when the enterprise is issued with non standard audit opinion, the possibility of senior executive change will increase. (2) the ultimate controller is related to whether the enterprise is a executive change or not, and the ultimate control is controlled. (3) the interaction between the ownership nature of the ultimate controller and the audit opinion is negatively related to the executive change, indicating that the probability of the executive change is lower than the government controlled enterprise which is not the government controlled enterprise, and the ultimate control is controlled. The relationship between the interaction of two rights separation and audit opinion is not significant with the change of senior executives. It shows that there is no significant influence on the executive change when there is no two right separation in the enterprises which have no two rights separation. Finally, according to the conclusions obtained from the study, this paper will improve the internal governance mechanism of the company. The relevant suggestions were put forward.
The main contributions of this article are as follows: (1) the topic of this article has a certain novelty. The previous research on the influencing factors of executive change mainly focuses on the two aspects of corporate governance and management performance, and the audit opinion as an effective external supervision mechanism has not received due attention. An analysis of the mechanism of audit opinion on executive change has enriched the research on corporate governance. (2) from the point of view of the ultimate controller, the impact of its influence on executive change is analyzed. It goes back to the ultimate controller of the enterprise, but with the construction of the internal capital market and the increasing series of the Pyramid layer in the group, it is particularly necessary to introduce the ultimate controller into the research of corporate governance. A study of the ultimate controller.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.91;F239.4;F275
本文编号：2171642
[Abstract]:With the rapid development of the world economy, the process of economic globalization is accelerating, and the research on corporate governance is becoming more and more in-depth. As the central figure of the company management, executives play a more and more important role in the development and fate of the company. As an important way to improve the corporate governance mechanism, the executive change has become a stock. It is an important means to solve the problem of principal and agent in the East, to improve the efficiency of corporate governance and to improve the value of the company. As an important external governance mechanism of the efficiency of the company, the audit opinion has an important influence on maintaining the company's reputation in the hearts of small and medium shareholders. Is it a basis for the shareholders to change the executives? This is to be solved in this paper. Problem.
In this paper, 2004-2011 A shares listed companies and 2110 pairs of paired samples issued by non standard audit opinions are taken as the research object. Based on the contract theory and principal-agent theory, corporate governance theory, investor protection theory and reputation mechanism theory, the relationship between the ultimate controller, audit opinion and executive change is carried out. Based on the ownership nature of the ultimate controller and the separation of the two rights, this paper divides the samples into groups to test the difference in the possibility of different types of ultimate controllers, as well as the relationship between the cross term of the ultimate controller and the audit opinion and the change of senior executives.
Through the empirical analysis, this paper draws the following three conclusions: (1) there is a significant positive correlation between the audit opinion and the executive change, that is, when the enterprise is issued with non standard audit opinion, the possibility of senior executive change will increase. (2) the ultimate controller is related to whether the enterprise is a executive change or not, and the ultimate control is controlled. (3) the interaction between the ownership nature of the ultimate controller and the audit opinion is negatively related to the executive change, indicating that the probability of the executive change is lower than the government controlled enterprise which is not the government controlled enterprise, and the ultimate control is controlled. The relationship between the interaction of two rights separation and audit opinion is not significant with the change of senior executives. It shows that there is no significant influence on the executive change when there is no two right separation in the enterprises which have no two rights separation. Finally, according to the conclusions obtained from the study, this paper will improve the internal governance mechanism of the company. The relevant suggestions were put forward.
The main contributions of this article are as follows: (1) the topic of this article has a certain novelty. The previous research on the influencing factors of executive change mainly focuses on the two aspects of corporate governance and management performance, and the audit opinion as an effective external supervision mechanism has not received due attention. An analysis of the mechanism of audit opinion on executive change has enriched the research on corporate governance. (2) from the point of view of the ultimate controller, the impact of its influence on executive change is analyzed. It goes back to the ultimate controller of the enterprise, but with the construction of the internal capital market and the increasing series of the Pyramid layer in the group, it is particularly necessary to introduce the ultimate controller into the research of corporate governance. A study of the ultimate controller.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.91;F239.4;F275
【相似文献】
相关硕士学位论文 前2条
1 孙伟伟;终极控制人特征、审计意见与高管变更[D];浙江工商大学;2014年
2 龚雅洁;公司治理对审计意见影响的实证研究[D];石家庄经济学院;2014年
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