公司治理对公司绩效的影响基于证券市场的实证分析
毕 业 论 文 外 文 摘 要
Title The Impact of Corporate Governance on Performance -- An Empirical Test from Chinese Securities Market
Abstract
Good corporate governance mechanism has positive effect on a company's operation and development, and it can improve the performance. This paper aims to test the impact of corporate governance on performance. The variables which measure the corporate governance include the share ratio of the largest shareholder, the sum of the shareholding ratio of the second to the fifth largest shareholders, the square of the scale of the board of directors, the proportion of the independent directors, the general manager's compensation and so on. In this paper, with the sample data of the top 100 greatest listed companies in Chinese Stock Market in 2011, the influence of these governance variables on corporate performance is investigated based on multivariate linear regression model. The empirical results show that the share ratio of the largest shareholder has a significant negative correlation to company performance, the sum of the shareholding ratio of the second to the fifth largest shareholders has a significant negative correlation to the performance, the square of the size of the board and the proportion of the independent directors both have negative correlations to the corporate performance. Besides, general manager’s compensation has positive correlation to company performance.
Keywords listed companies corporate governance corporate performance
目 次
1 绪论 1
1.1 研究背景和意义 1
1.2 文献综述 2
1.3 论文的研究方法和框架结构 5
1.4 论文的创新之处 6
2 公司治理概念及其相关理论 7
2.1 公司治理的涵义 7
2.2 与公司治理有关的经济理论介绍 8
3 基于中国证券市场的实证分析 11
3.1 提出假设 11
3.2 样本选取及模型选择 12
3.3 描述性统计分析 13
3.4 实证结果分析 14
4 结论及政策建议 17
4.1 结论 17
4.2 政策建议 17
致谢 19
参考文献 20
1 绪论
1.1研究背景和意义
20世纪90年代以后，随着企业竞争的逐步加剧和资本市场的迅速发展，企业界以及管理理论、经济理论界对公司治理重要性的认识渐渐深化。从全球企业发展的实践上来看，正确的发展战略和科学的管理体系是企业竞争胜出的必要前提和基本保障，而企业的持续发展在更大程度上取决于公司治理的合理和有效。公司治理是公司正确决策和有效管理的基础，缺乏合理的治理结构和有效的治理机制，公司的长远发展将会面临着高度的不确定性和隐在的深层危机，这些会影响企业的成长进程，甚至导致企业的衰败和灭亡。