&39;
己有研究表明,公司治理结构从各个方面对创业导向产生显著影响。我们总
结了以往学者的研究发现几点问题:首先,大多数研究关注公司治理结构对创业
导向某一维度的影响如研发和创新,且学者们结论不一;其次,学者们较少通过
构建公司治理综合指数来研宄公司治理整体水平对创业导向的影响;除此之外,
资本结构、公司治理结构、创业导向两两之间存在联系,但探索资本结构对公司
治理结构与创业导向之间影响的研究较少。已有的研宄不足提供了进一步探索的
空间,公司治理结构如何影响创业导向,资本结构对二者关系是否产生影响是本
文拟解决的问题
基于此,本文以公司治理结构与创业导向为研究对象。首先,在对本文涉及
的创业导向、公司治理结构、资本结构这三个变量的概念、内涵、相关理论、相
互关系以及国内外研宄现状进行梳理的基础上,提出了本文的14个研宄假设并
构建了实证检验模型;接下来,选取了我国沪深两市1745家A股上市公司作为
研宄样本,对提出的研究假设进行了实证检验,实证分析了公司治理结构对创业
导向影响并进一步探讨资本结构对二者关系的调节效应;最后,对实证研究结果
进行讨论并给出本文的研究结论,指出了本文研宄的不足以及对未来的展望。实
证结果表明:第一,公司治理结构对创业导向有显著影响,其中股权制衡、董事
长总经理两职合一、高管持股比例、高管薪酬、对创业导向产生显著正向影响;
高管任期对创业导向产生显著负向影响;第二,公司治理综合指数对创业导向产
生显著的正向影响;第三,资产负债率在股权制衡对创业导向的影响上起负向的
调节作用;在两职合一对创业导向的影响上起负向的调节作用;在高管薪酬对创
业导向的影响上起负向的调节作用;在公司治理综合指数对创业导向的影响上起
负向的调节作用
本文有一定的理论意义与现实意义。在理论方面,本文通过实证分析,验证
了公司治理综合指数对创业导向的影响,一定程度上是对创业导向影响因素框架
的丰富;探究了资本结构对公司治理结构与创业导向二者关系的调节效应,为探
I
索不同资本结构下公司治理结构对创业导向的影响提供了一种思路上的拓展。在
实践方面,为企业通过公司治理结构以及资本结构的优化,激励企业采取积极的
创业导向从而获得长期的竞争优势提供了参考
关键词:创业导向,公司治理结构,资本结构,公司治理综合指数
II
ABSTRACT
ABSTRACT
In recent years, entrepreneurial orientation has been widely concerned by scholars.
In the highly competitive economic conditions, more and more companies realized that it
is important to gain and maintain competitive advantage in a competitive marketplace by
continually innovating technology and investing in unknown new markets. The positive
role of entrepreneurial orientation in enteq^rise performance and enterprise market value
has been confirmed by many scholars, at the same time, the influential factors of
entrepreneurial orientation have become a research focus.
The existing studies indicate that corporate governance structure have an impact on
entrepreneurial orientation. We summarize the results of previous studies and find some
defects. First of all, most of the studies focus on a certain aspect of entrepreneurial
orientation such as R&D, however, the scholars did not have a conclusive conclusion.
Secondly, the studies which design a corporate governance index to research the impact
of corporate governance structure on entrepreneurial orientation are few. In addition,the
capital structure,corporate governance structure and entrepreneurial orientation between
the three there are linked. However, the studies of the relationship between the three is
few. The lack of existing studies provide us a chance for further exploration. How does
the corporate governance structure affect entrepreneurial orientation and whether the
capital structure has an impact on the relationship between the two is the problem to be
solved.
In this paper, we take the corporate governance structure and entrepreneurial
orientation as the research object. First of all, we summarize and analyze the theory of
entrepreneurial orientation, corporate governance structure and capital structure, then we
put forward 14 hypothesis of this paper and constructs the empirical test model. Secondly,
we select 1745 listed companies from shanghai and shenzhen stock markets as the
research samples. We make the empirical analysis and related statistical test of the
influence of the corporate governance structure on the entrepreneurial orientation and
discusses the effect of the capital structure on the two. Finally, we discuss the empirical
analysis results and point out the shortcomings of this paper and prospects for future
research. The results show that: First, the corporate governance structure has a significant
impact on the entrepreneurial orientation, including the equity restriction ratio, the
in
ABSTRACT
combination of director and general manager, senior manager&39;s stockholding level and
senior executive compensation to have a positive effect on entrepreneurial orientation. In
addition, the top executive prefecture have a negative effect on the entrepreneurial
orientation. Secondly, the corporate governance index has a positive effect on the
entrepreneurial orientation. Thirdly, when the asset-liability ratio is lower, the effect of
the equity restriction ratio on entrepreneurial orientation is more significant an, the effect
of senior executive compensation on entrepreneurial orientation is more significant ,the
combination of director and general manager on entrepreneurial orientation is more
significant and the corporate governance index on entrepreneurial orientation is more
significant.
This paper has certain theoretical and practical significance. On the theoretical side,
the paper studies the influence of the corporate governance index on the entrepreneurial
orientation. It is richness of the entrepreneurial orientation factors. By exploring the
regulatory effect of capital structure on the relationship between corporate governance
structure and entrepreneurial orientation, it provides a way to expand the relationship
between the three. In practice, the conclusion of the study has a positive reference for the
corporate governance structure and capital structure design, which encourages enterprises
to adopt positive entrepreneurial orientation.
Keywords: entrepreneurial orientation corporate governance structure capital
structure corporate governance index
IV
巨录
目录
第一章绪论 1
1.1研究背景1.2研究意义1.3研宄方法及技术路线1.3.1研宄方法1.3.2研宄的技术路线1.4研宄思路与结构安排1.5本文的创新点第二章理论基础与文献综述2.1理论基础2.1.1创业导向2丄2公司治理理论2.1.3资本结构理论2.2文献回顾2.2.1公司治理结构与创业导向2.2.2资本结构、公司治理结构与创业导向2.3本章小结第三章研究设计
口
3.1概念模型3.2研究假设3.2.1股权结构对创业导向影响的研究假设3.2.2董事会特征对创业导向影响的研宄假设3.2.3高管激励对创业导向影响的研究假设3.2.4公司治理综合指数对创业导向影响的研宄假设
21
3.2.5资本结构调节效应的研宄假设
21
3.3变量的测量
23
3.3.1因变量
23
13.2白变量
24
3.3.3调节变量
25
3.3.4控制变量
26
V
3.4实证检验模型
27
3.5本章小结
28
第四章实证检验及结果分析
29
4.1样本选择与数据来源
29
4.2实证研宄方法
30
4.3公司综合治理指数的构建
30
4.4实证研究结果
32
4.4.1变量的描述性分析及相关性分析
32
4.4.2公司治理对创业导向的回归分析
35
4.4.3公司治理综合指数对创业导向的回归分析
38
4.4.4资本结构的调节作用分析
39
4.5本章小结
44
第五章研究结论与展望
45
5.1研宄结论
45
5_2研宄启示
46
5.3研究不足与展望
47
St 48
参考文献 49
VI
第一章绪论
第一章绪论
U研究背景
公司创业活动从20世纪70年代开始逐步受到
。。。以上简介无排版格式，详细内容请下载查看
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