公司治理目标选择与绩效检验——来自中国上市公司的经验证据  

Corporate Governance Target Selection and Performance Testing:The Empirical Evidence from Listed Companies in China

作　　者：宋炜[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《证券市场导报》2013年第8期38-43,共6页Securities Market Herald

摘　　要：本文在分析公司治理目标对公司绩效影响的基础上,建立了以股东利益最大化、利益相关者利益最大化、股东利益为主导的利益相关者利益最大化三维目标的公司绩效评价模型,并以沪市A股500家上市公司为样本进行了实证检验。研究表明,股东利益最大化目标对公司绩效具有显著的负向效应,利益相关者利益最大化目标对公司绩效的正向效应不显著,股东利益为主导的利益相关者利益最大化目标对公司绩效具有显著的正向效应,通过选择适宜的公司治理目标有助于公司绩效的提升。Based on the analysis of the corporate governance of enterprise performance impact goal, this paper established on the basis of the shareholders＇ interests to maximize, stakeholder benefit maximization, the shareholders＇ interests as the leading stakeholders benefit maximization 3D object enterprise performance theory model. Using 500 list companies in A-share as samples for empirical study, the results show that the shareholders＇ interests to maximize enterprise performance target has significant negative effect, stakeholder benefit maximization of enterprise performance target has no significant positive effect, the shareholders＇ interests as the leading stakeholders benefit maximization of enterprise performance target has significantly positive effects. Using the appropriate choice of corporate governance target helps enterprises to improved performance.

关 键 词：公司治理目标 公司绩效 股权集中度 利益相关者 

分 类 号：F426[经济管理—产业经济]