公司治理對公司價值的影響：基于俄羅斯公司的實證分析
本文是一篇公司治理論文，本研究突破了以往僅聚焦治理對績效的單一維度分析路徑，將創新與金融因素納入研究框架，不僅豐富了公司治理理論體系，也為處于轉型期的新興市場國家提供了切實可行的實踐路徑。特別是對于股權集中度高、治理機制仍待完善的俄羅斯企業而言，協調治理結構、金融行為與創新戰略之間的關系，是提升公司長期價值的關鍵所在。
1 Introduction
1.1 Research background
Corporate governance has been a cornerstone in the transition from informal businesspractices to formalized and transparent regulation of internal and external corporate environments.Its global development began with the expansion of business activities in the United States duringthe 1930s,leading to the separation of ownership and management and the creation of governancemechanisms.Over the decades,corporate governance norms have evolved worldwide,tacklingchallenges such as financial fraud,corruption,and investment risks.However,events such as the2007–2009 global financial crisis and subsequent economic downturns revealed deficiencies inexisting governance systems,emphasizing the need for resilient corporate structures to protectshareholder rights and preserve company value during crises.
In the Russian context,corporate governance faces unique challenges,including anunderdeveloped institutional infrastructure,limited circulation of securities,and a dependence onforeign capital.The 2022 sanctions crisis brought further disruptions,causing major capitalinflows into the domestic stock market as investors reconsidered strategies due to geopoliticalrisks.Despite these hurdles,the crisis presented an opportunity for Russian companies to enhancetheir market positions by improving corporate governance practices,increasing transparency,andprotecting shareholder interests.These improvements are critical for attracting investment,boosting business reputation,and achieving strategic development goals,such as Russia'sambitions to become one of the top five global economies by 2030.
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1.2 Purpose and Significance of the Study
1.2.1 Research purpose
The dissertation aims to analyze the impact of corporate governance on a company's value,aswell as to forecasting changes in the nature of corporate governance influence on the company'svalue under conditions of economic growth.
The objective determines the formulation and subsequent resolution of research tasks:
Define the concept of corporate governance through its functional characteristics,reflectinghow corporate governance influence a company's value.
Identify the mechanisms by which corporate governance affect a company's value,includingthrough company Innovation and Financialization of companies.
To forecast changes in the nature of the impact of corporate governance on company valueunder conditions of economic growth.
公司治理論文怎么寫
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2 Definition of Relevant Concepts and Theoretical Basis
2.1 Definition of Relevant Concepts
2.1.1 Corporate GovernanceC
orporate governance,understood in a broad sense,is the science of studying thearrangement of corporate power.From a narrow point of view,it is a science that resides at thelevel of company ownership,studies how to authorize professional managers and exercisesregulatory functions in respect of the performance of their duties by professional managers[69].
Based on the professional position of economics,companies have two rights:ownership andmanagement,and the two are separate.Corporate Management is constructed in the company"rightto operate the level"on a science,about the company owner to the right to operate the authorizationof the right to operate the person,the right to operate the person in the case of authorization toachieve the business objectives and take all the means of operation behavior.In contrast,corporategovernance is constructed in the company"ownership level"on a science,about the scientificauthorization to professional managers,scientific supervision to professional managers[64].
Corporate governance principles,broadly defined,include codes,reports,recommendations,guidelines,and best practices on corporate governance.In a narrower sense,it refers to standardsfor the organization of the corporate governance structure.It defines the distribution ofresponsibilities and rights among the various participants in a company and describes the rules andprocedures to be followed in making decisions about the company's affairs.Fundamentally,it is astandard and policy for improving corporate governance and a practical principle at the corporatemanagement level[34].
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2.2 Theoretical foundation
The corporate governance system is an integral part of the company's risk managementsystem,because all mechanisms,methods and tools of corporate governance are aimed atprotecting the company from the occurrence of risk events or minimizing their negative impact incase of risk realization.
2.2.1 Theory of risk Minimization in Management
Corporate governance is a generalized name for a large set of activities related to themanagement of a joint stock company from the procedure of issuing the first security to mergerswith other companies.It would be impossible to understand and apply such a broad conceptwithout dividing it into smaller components that can be applied to specific tasks and produceresults.Such components are corporate governance tools-measures of legal,economic and socialimpact on the key elements of company management in order to minimize the level of risks,forman effective investment process and influence the market value of the company.The main task inthe study of corporate is their measurement-the search for a quantitative expression of theirapplication in the company[20].
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3 Current Development of Corporate Governance and the Company's Value..........................26
3.1 History and Current Status of Corporate Governance.....................26
3.1.1 History of Corporate Governance...............................26
3.1.2 Corporate Governance Instruments................................27
4.Mechanisms Linking Corporate Governance,company Innovation,Financialisation,andcompany Value:A Theoretical Analysis..........................38
4.1 Conceptual Framework:Corporate Governance and company Value.........................38
4.2 The Role of company Innovation as a Moderating Variable........................39
5 Empirical Tests of the Impact of Corporate Governance on Company Value:The Mediating Roleof Financialisation and the Moderating Role of Innovation..............................45
5.1 Data sources and variable descriptions.............................45
5.1.1 Data sources.............................................45
5.1.2 Description of Variables................................45
6 Suggested Responses
6.1 Enhancing Corporate Governance for Long-Term Value Creation
To raise the effectiveness of governance mechanisms,Russian companies should movebeyond formal compliance and adopt substantive reforms aimed at enhancing board independence,accountability,and transparency.
First,companies should institutionalize independent directorship by ensuring that no less thanone-third of the board consists of independent directors with real veto power in committees relatedto audit,compensation,and risk.This measure would reduce agency costs and improve investorconfidence,directly influencing market valuation.
Second,boards should introduce innovation and digital strategy committees tasked withoverseeing the company’s long-term value drivers.By integrating strategic innovation into thehighest level of corporate oversight,companies align innovation with corporate priorities andshareholder interests.
Third,transparency and disclosure must be improved not only in financial reporting but alsoin governance practices and strategic priorities.Companies should voluntarily adopt integratedreporting standards(such as)to communicate how governance,innovation,and financialstrategies interact to generate long-term value.
Finally,shareholder engagement mechanisms such as online voting platforms,annual Q&Asessions,and whistleblower protections should be institutionalized to empower minority investorsand improve market discipline.
公司治理論文參考
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7 Conclusion
This thesis examined the influence of corporate governance on the value of Russiancompanies,highlighting the critical role that effective governance practices play in enhancingcompany valuation,particularly in emerging markets characterized by unique regulatory andeconomic landscapes.By empirically analyzing data from Russian public companies,the studyidentified specific governance mechanisms that significantly contribute to company value andexplored the moderating effects of innovation and financialization.
The research demonstrates that corporate governance frameworks with a high degree oftransparency,accountability,and independent oversight positively impact company value.Specifically,governance structures that prioritize board independence,structured accountability,and alignment of executive compensation with long-term performance contribute to sustainablevalue creation.The study also found that in addition to core governance elements,innovationserves as a vital channel through which governance practices drive company performance.Companies that actively invest in research and development,encourage technologicaladvancement,and foster an innovation-driven culture tend to realize higher market valuations andimproved competitive standing.Striking a balance between financial optimization and investmentin core business functions emerges as a crucial governance consideration for sustaining value.
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