公司治理改善公司效率的作用:兼论“效率导向”监管理念  

Effect of Corporate Governance on Corporate Efficiency:Discussion on Efficiency-oriented Supervision Theory

作　　者：黄建山[1] 

机构地区：[1]上海证券交易所,200120

出　　处：《上海经济研究》2010年第2期43-53,共11页Shanghai Journal of Economics

摘　　要：与当前探讨公司治理与公司绩效关系的大多数文献不同,本文基于随机前沿分析方法构建模型,实证考察我国上市公司治理对公司效率的作用。研究结果发现,我国上市公司股权治理、董事会治理、监事会治理及管理层激励等内部治理机制对公司效率具有显著影响;而除了公司控制权市场对公司效率具有显著影响外,我国产品市场竞争、公司债权治理以及法律基础和中小投资者利益保护等外部治理机制对公司效率的作用不显著。基于研究结论,本文认为上市公司应从"绩效导向(注重利润结果)理念"向"效率导向(注重资源配置过程)理念"转变,并提出进一步提升我国上市公司效率的政策建议。Different from most of current literature discussed on relationship between corporate governance and corporate performance, this paper studied the role of corporate governance on corporate efficiency of Chinese listed companies based on stochastic frontier analysis model. Main findings of this paper are as follows ： internal governance mechanisms such as ownership governance, board of directors governance, board of supervisors governance and management incentive have a significant effect on corporate efficiency; however, besides corporate control market, other external governance mechanisms such as product market competition, creditor governance, and law basis and interest protection of medium and small investors have not a significant impact on corporate efficiency of Chinese listed companies. Based on our research and findings, this paper argued that the performance - oriented supervision theory （ focused on profit result） of listed companies should be redirected to efficiency - oriented supervision theory （focused on resource allocation） , and therefore put forward some suggestions for enhancing efficiency of Chinese listed companies.

关 键 词：公司治理 公司效率 随机前沿方法 实证研究 

分 类 号：F270.3[经济管理—企业管理]