新疆上市公司治理结构与绩效的相关性研究  

Relevance Research on Xinjiang Listed Companies' Governance Structure and Performance

作　　者：王会娟[1] 王生年[1] 

机构地区：[1]石河子大学经济贸易学院,新疆石河子832003

出　　处：《石河子大学学报（哲学社会科学版）》2008年第6期39-42,共4页Journal of Shihezi University(Philosophy and Social Sciences)

基　　金：兵团软科学研究项目(2008YD36)

摘　　要：该文以2001—2005年新疆上市公司为样本,综合考察了股权结构、董事会特征与高管激励对公司绩效的影响,发现股权集中度与公司绩效正相关;董事长与总经理两职合一与公司绩效正相关;董事会规模与绩效成倒U型关系;独立董事比例与绩效成负向关系;高管激励不论是采用年薪的方式还是采用股权激励都未通过显著性检验。考虑到公司内部治理结构与绩效的互动关系,该文还检验了治理结构的内生性问题,通过Granger因果关系检验发现公司治理结构对绩效有促进作用,但未发现绩效对治理机制的反馈作用。Taking Xinjiang listed companies as a sample from 2001 -2005, the paper chooses the internal governance mechanism from three main aspects to have a comprehensive consideration, then finds that the concentration of ownership is positively related with corporate performance, but the nature of the first major shareholder is the state - owned shares which has no significant related correlation with corporate performance. The combination of board chairman and managing director is positively＇ related with corporate performance, the board size has a U - shaped relationship with corporate performance, and the proportion of independent directors has a negative relationship with the performance; but the incentives for executives, regardless of the method which uses a salary or equity can not pass through the significant test. Then considering the internal govemance mechanism and the performance of the interactive relationship, Granger causality test finds that internal governance mechanism promotes the performance and the performance bas no feedback to the govemance mechanism.

关 键 词：治理结构 公司绩效 内生性 

分 类 号：F276.6[经济管理—企业管理]