企业不同发展阶段治理机制和绩效的关系研究  

A Study on the Relationship between Governance Mechanism and Performance of Firms in Different Stages of Development

作　　者：韩月辉[1] 张完定[2] 贾金宇[2] 

机构地区：[1]西安财经学院财务处,陕西西安710100 [2]西安财经学院商学院,陕西西安710100

出　　处：《统计与信息论坛》2012年第7期40-46,共7页Journal of Statistics and Information

基　　金：陕西省教育厅重点实验室重点研究课题《公司治理分类评价系统研究》(05js64);陕西省自然科学基金项目《治理机制、技术创新和企业绩效互动关系研究》(2009jm9003)

摘　　要：通过对企业不同的成长阶段中股权结构、董事会结构、债务结构和内部人持股对企业绩效的影响进行理论分析,提出相关的理论假设,并在此基础上通过回归方程进行回归分析得出结论:二元制的董事会的领导权结构在成熟期企业内对企业的业绩产生了显著的影响,而在成长期企业中则不显著;独立董事对成长期和成熟期企业的业绩都有显著的有利的影响;股权制衡力在成长期企业中对企业业绩产生了显著的负影响,而在成熟期企业内并没对企业的绩效产生显著的影响;债务融资对成长期企业和成熟期企业的业绩都有显著的负影响;增加高管持股比例在成熟期企业中有利于增加企业的绩效,但是在成长期企业中则会对企业的业绩产生负面的影响;股权集中度的增加会对企业的绩效产生不利的影响,这种不利的影响在成长期企业中更为显著。In this paper, we analyzed the effects of ownership structure, board structure, debt structure and insider ownership on firm performance in different stages of development . We propose hypotheses and verify these hypotheses with the method of regression analysis. The conclusions as follows： The dual leadership structure has significant impact on the performance in mature firms, but it is not significant in growing firms; independent directors has significant beneficial effect on performance of growing and mature firms; the balance of outside shareholders has a significant in positive effect on corporate performance in growing firms, while has no significant impact in mature firms; debt financing has significant negative impact in all kinds of firms; insider shareholding has positive impact on performance in mature firms, but has negative impact in growing firms; the percentage of controlling shareholder＇s ownership has negative impact on performance, while it is more significant in growing firms.

关 键 词：公司治理 企业绩效 治理机制 

分 类 号：F224.0[经济管理—国民经济] F406