基于不同所有权性质的中小企业治理结构与综合财务绩效——来自中小板经验数据  

Governance Structure and Comprehensive Financial Performance in Small-and Medium-sized Enterprises on the Basis of Different Ownership

作　　者：钟田丽[1] 胡彦斌[1] 王殿珊[1] 

机构地区：[1]东北大学工商管理学院,辽宁沈阳110004

出　　处：《财会通讯（下）》2012年第12期53-56,共4页Communication of Finance and Accounting

基　　金：教育部高等学校博士学科点专项科研基金"中小企业融资契约选择与金融创新机制研究"(项目编号:20090042110033)的资助

摘　　要：本文以2009年中小板上市公司为样本观测值,分别对不同所有权性质中小企业的治理结构特征与其综合财务绩效的关系进行了实证分析。研究发现,不同所有权性质中小企业的治理结构特征对其综合财务绩效的影响存在差异:非国家控股企业的董事会规模、管理者薪酬激励及股权集中度与其综合财务绩效显著正相关;国家控股企业独立董事比例和股权集中度与其综合财务绩效,前者显著正相关,后者显著负相关。According to the sample observation from the small-and middle-sized listed company as, a positivism analysis has been conducted on the relationship between the characteristics of governance structure and of comprehensive financial performance in small-and medium-sized enterprises with different ownerships. It is found out that there is difference in the influence of characteristics of governance structure of small-and medium-sized enterprises on comprehensive financial performance. In non-state-owned enterprises, the size of BoD (Board of Directors), salary and motivation by management and centralization of ownership is in direct proportion to comprehensive financial performance. In state-owned enterprises, ratio of independent directors is in direct proportion to comprehensive financial performance and centralization of ownership is in inverse proportion to comprehensive financial performance. This thesis provides theoretical basis for small-and medium-sized enterprises with different ownerships to improve the governance structure.

关 键 词：所有权性质 中小企业 治理结构 综合财务绩效 

分 类 号：F224[经济管理—国民经济] F275F832.51