I 摘要 公司治理结构是现代化企业公司制度的核心问题，公司治理结构的优化与完善不 仅仅是个别企业的事情，也是影响整个市场稳定发展的重要因素，公司治理结构问题 受到企业界、学术界、政府的广泛关注。公司治理结构问题也是现代公司治理的基本 问题，国内外众多学者从各种角度进行了大量研究，但已有的研究结论不一，仍然需 要进一步深入探讨。目前，对公司治理结构的研究主要集中在制造业、金融业等行业， 对于传媒行业的研究还比较少。山东出版从2011年开始启动上市直到2017年成功首 发上市，近几年一直处于公司治理结构的变革期，这为本文的研究提供了案例基础。 2017年山东省政府提出了加快国企改革的十条意见，要求国有企业优化股权结构， 探索外部董事、外派监事，建立职业经理人制度；2018年年底前,全省国有企业实质 性管理层级原则上压缩到三级以内，这为山东出版公司治理结构优化提供了政策支 持。 传媒行业在我国是一个新兴产业，作为我国上市公司基本产业门类之一，2002 年才被证监会确定。近几年，文化传媒企业迅速发展，进入发展的快车道，国家不断 释放在扶持文化企业发展方面的政策利好，2015年《关于加快构建现代公共文化服 务体系的意见》与《国家基本公共文化服务指导标准》的相继出台，2016年“十三 五规划”提出要将文化产业建成国民经济支柱性产业。传媒行业作为文化产业的一个 重要门类，相对于其他产业来讲，明显的特点就是形态多样性，文化产业很特别的一 点就是出售知识产权，虽然有一定的承载载体，但是主要核心内容是无形的，像动漫、 图书、电影。另外一个特点就是消费基础广，文化产业的消费基础就像衣食住行一样， 每一个人都可以是消费者。还有就是成长性快，文化产业自从被单独作为一个产业类 别，各地纷纷组建传媒集团，这些传媒集团通过并购、新建等手段迅速发展，逐渐开 始发展壮大，在各种重大利好的政策趋势下，我国传媒行业在近几年也一直保持着迅 猛的态势。在这种背景下，企业自身的资本积累已经无法支撑企业的发展，所以很多 传媒企业逐渐向资本市场靠拢，目前已经有三十多家传媒企业通过上市融得资金，仍 有很多传媒企业正在筹划上市，而证监会对筹划上市企业提出的反馈意见，公司治理 结构问题尤为明显，公司治理问题也是监管机构审查的重点。 本文对山东出版治理结构的现状及存在的问题进行研究，主要从股权结构、董事 会结构、监事会结构和内部治理四个方面进行分析，查找原因，以提高企业绩效为目 SDCB公司治理结构优化研究 II 标，借鉴国内外公司治理的先进经验，提出对山东出版公司治理结构的优化思路，为 山东出版公司治理结构的优化提供可借鉴的建议。 关键词：山东出版；公司治理结构；企业绩效 Abstract III Abstract Corporategovernancestructureisthecoreissueofmodernenterprisessystem,with thedevelopmentofmodernenterpriseinourcountrygradually,moreandmoreenterprises facetheproblemsofcorporategovernancestructure,corporategovernancestructure optimizationandperfectionisnotjustamatterofindividualenterprises,isalsothe importantfactorsthataffecttheentiremarketstability,corporategovernancehasreceived extensiveconcernoftheindustry,academia,government.Corporategovernanceproblemis thebasicproblemofmoderncorporategovernancestructure,alotofresearchondomestic andinternationalnumerousscholarsfromvariousangles,butthedifferencesoftheexisting researchresults,nomatterfromtheownershipstructure,boardgovernance,governanceof theboardofsupervisorsormanagementincentiveisnotconsistentwiththeconclusion, corporategovernanceproblemisstillpending.Inadditionfromthecasestudy,thestudyof corporategovernancestructurearemainlyconcentratedinindustriessuchas manufacturing,financeordonotdistinguishbetweenthestudyoftheindustry,fora handfulofChina'smediaindustryresearch,ShandongPublishingCompanybeganto launchipofrom2011until2017,inrecentyearshasbeenthetransformationofthe corporategovernancestructure,itprovidesagoodexampletotheresearchinthisarticle, thisarticlemainlyaimingattheproblemsinShandongPublishingCompanygovernance structureandoptimizationforthispaper.In2017,theShandongProvincialGovernmentput forwardtenopinionstospeedupthereformofstate-ownedenterprises,askingstate-owned enterprisestooptimizetheequitystructureandexploretheestablishmentofaprofessional managersystemforexternaldirectorsandexpatriatesupervisors;Before2018,the substantivemanagementlevelofstate-ownedenterprisesintheprovincewasreducedto withinthreelevelsinprinciple,whichprovidedpolicysupportfortheoptimizationofthe governancestructureofShandongPublishingCompany. ThedevelopmentprocessofthemediaindustryinChinaisstillshort,andthemedia industryisstillanewindustry.AsoneofthebasicindustrycategoriesofChina'slisted companies,culturalmediaenterpriseswereonlydeterminedbytheCSRCin2002,onlya decadeago.Rapiddevelopmentinrecentyears,culturalmediaenterprises,enteredthefast SDCB公司治理结构优化研究 IV trackofdevelopment,countriescontinuetoreleasepolicyinsupportingthedevelopment ofculturalenterprises,in2015"abouttospeeduptheconstructionofamodernsystemof publicculturalservicesopinion"and"guidelinesforthenationalbasicpubliccultural services"releasing,the2016"muchstarkerchoices-andgraverconsequences-inplanning" isputforwardtotheculturalindustrywillbecompleteditsmainstayindustryofnational economyparedwithotherindustries,theobviouscharacteristicoftheculturalindustry isthediversityofforms.Oneofthespecialfeaturesoftheculturalindustryisthesaleof intellectualproperty.Althoughthereisacertaincarrier,themaincorecontentisintangible, suchasanimation,booksandmovies.Anothercharacteristicisthatconsumerbaseiswide, theculturalindustryoftheconsumerbase,likefoodandclothingliveline,everyonecanbe aconsumer,eachpersonhasaconsumerdemand,andisgrowingfast,themediaindustry sinceitwasaloneasanindustrycategories,havesprungupgrowth,manygovernments establishedmediagroup,thesemediagroupsthroughmergersandacquisitions,newmeans ofrapiddevelopment,graduallybegantogrow,inallsortsofbig,underthepolicytrendof mediaindustryinChinainrecentyearshasmaintainedarapidmomentum.Inthiscontext, theenterprise'sowncapitalaccumulationhasbeenunabletosupportthedevelopmentof theenterprise,soalotofmediaenterprisesgraduallytothecapitalmarket,therearemore than30mediacompanieslistedbymoney,therearestillalotofmedialistedcompanies areplanning,transformationandupgradingofcorporategovernancehasbeenbecoming thecurrentbiggestsubject,feedback,theCSRCtotheenterprisebasedonthecorporate governancestructureproblem,alsothefocusofcorporategovernanceissuesandregulatory review. ThispaperstudiesthestatusquoandexistingproblemsoftheShandongpublishing governancestructure,and,withthegoalofimprovingenterpriseperformanceanddrawing ontheadvancedexperienceofcorporategovernanceathomeandabroad,putsforwardthe ideaofoptimizingthegovernancestructureofShandongPublishingCompany,providing referentialSuggestionsfortheoptimizationofthegovernancestructureofShandong PublishingCompany. Keywords:ShandongPublishingCompany;Corporategovernance;Enterprise performance 目录 V 目录 摘要.....................................................................................................................................I Abstract..............................................................................................................................III 目录.....................................................................................................................................V 第1章引言..........................................................................................................................1 1.1研究背景与研究意义.........................................................................................................1 1.1.1研究背景...........................................................................................................................1 1.1.2研究意义...........................................................................................................................3 1.2相关文献综述.......................................................................................................................5 1.2.1传媒行业的公司治理研究...............................................................................................5 1.2.2其他行业公司治理研究...................................................................................................8 1.2.3综合评述...........................................................................................................................9 1.3研究方法.......