公司治理与企业成长性的经济后果研究——来自创业板上市公司的经验数据  

Economic Consequence of Corporate Governance and Firm Value——Based on Empirical Data of Listed Companies on GEM

作　　者：杨丽芳[1] 

机构地区：[1]天津财经大学商学院,天津300222

出　　处：《暨南学报（哲学社会科学版）》2014年第6期120-128,163-164,共9页Jinan Journal(Philosophy and Social Sciences)

基　　金：天津市哲学社会科学规划项目<文化企业价值计量研究>(批准号:TJLJ12-035)

摘　　要：在创业板上市的企业大多是初创型企业,未来成长中蕴含着较大的不确定性,因而研究其成长性对企业价值的影响就成为探索创业板市场发展状况的基础与核心。但是已有的研究对两者的关系存在悖论,因此将这种关系置于公司治理的框架下进行了研究。研究发现:创业板上市公司成长性对企业价值能够起到正向的促进作用,但这种促进作用并不是直接的,而是通过与良好的公司治理共同配合完成的。单独考虑成长性与企业价值关系时,这种促进作用并不显著。Among the listed companies on Growth Enterprises Market(GEM),most of them are at the early stage of life cycle and fluctuate a lot on performance.Thus,studying on growth of the listed companies is the foundation and core of exploring the development of GEM.In this paper,we establish the database by taking 330 listed companies on GEM as samples.By using a factor analysis method,we try to explore the specific relationship between firm growth and firm value.The rersult indicates that the firm growth has positive relation with firm value.However this conclusion does not significant without a good corporate governance.

关 键 词：创业板市场 公司治理 成长性 企业价值 

分 类 号：F224[经济管理—国民经济]