最终所有权性质、治理机制对企业绩效的影响研究  

Study of Property of Ultimate Ownership and Governance Mechanism′s Impact on Corporate Performance

作　　者：李善民[1] 周木堂[1] 余鹏翼[1] 

机构地区：[1]中山大学管理学院,广州510275

出　　处：《管理科学》2006年第5期9-16,共8页Journal of Management Science

基　　金：国家自然科学基金重点项目(70532003);广东省自然科学基金(0430078)

摘　　要：以2003年中国上市公司为样本,根据最终所有权性质的不同将上市公司分为国有控股、民营控股以及外资控股三类,并选取相关变量对各治理机制变量与企业业绩变量进行多元线性回归分析,发现民营控股上市公司中公司治理变量及控制变量对企业绩效的解释力度大于国有控股上市公司;当综合考虑各治理变量并研究其与绩效的关系时,治理机制变量之间会产生相互影响,但这种影响并不会导致各治理机制变量与企业绩效的关系在本质上改变;在国有控股和民营控股两类上市公司中与企业业绩之间存在显著相关关系的治理机制变量。研究结果为完善中国上市公司治理结构、提高企业业绩提供了经验证据。This paper takes Chinese listed companies in 2002 as examples. After reviewing of related theories and empirical studies, the paper divides the samples into three sorts according to their properties of ultimate ownership, company controlled by country, company controlled by individual and company controlled by foreigner. Then the paper chooses related variables. Through multiple linear regression the paper finds that the explaining degree of governance variables and controlled variables to performance in individual controlled companies is greater than that in country controlled companies; and governance variables can influence each other when the relationship between governance variables and performance variables is studied, but the influence will not lead this relation become inversely; and some governance variables which influence performance significantly are found. The results of this paper will provide some empirical evidences for improving the corporate governance and performance of listed companies in China.

关 键 词：上市公司 最终所有权 治理机制 企业业绩 

分 类 号：F271[经济管理—企业管理]