国有上市公司治理转型、治理要素提炼与公司绩效  

Evolution of the Administrative Governance,Administrative Element Extraction and Corporate Performance: Based on Empirical Studies of State-Owned Listed Companies

作　　者：邱艾超 

机构地区：[1]英大国际信托有限责任公司

出　　处：《产经评论》2014年第4期128-140,共13页Industrial Economic Review

摘　　要：国有企业的公司治理改革呈现出由传统的行政型治理向经济型治理演进转型的过程。选取2005-2009年持续经营的国有上市公司为样本,构建了行政型治理指数;进而对行政型治理与公司绩效的关系从不同维度进行了分析。研究结果显示,行政型治理度对公司绩效产生负面影响。其中,国有股权集中度是行政型治理"负效应"的"主要贡献者";而政府经营政治化、高管人员的政治联系则在一定程度上有利于公司绩效的提升;最后,揭示了行政型治理对公司绩效的作用路径,行政型治理度越强,资产利用效率越低,进而影响到公司绩效的提升。相关结论有利于政府作为公司重要外部监管力量来界定监管和干预的边界;为探索党组织嵌入公司治理的有效途径提供了一定的理论基础。Corporate governance reform of SOEs has shown from the traditional administrative governance to economic governance. The administrative governance in this type of treatment showing a low efficiency,but the performance of the basic mechanism of multi-dimensional performance and need to be further clarified. This study selected 2005 to 2009 continually operated state-owned listed companies as samples. Firstly,use factor analysis to extract the three administrative elements,to build the administrative-type governance index. Then analyze the relationship between administrative governance and firm performance from different levels. The results show that administrative governance has a negative impact on corporate performance,but the per-formance is different depends on elements. Among them,the concentration of state-owned shares is the“ma-jor contributors”to governance“negative effect”;the political government-run,executives of political ties are conducive to a certain extent,business performance improvement;finally,this paper reveals executive-type role on business performance management path. The stronger the degree of administrative-type manage-ment,the lower asset turnover. Then it affects business performance improvement. Relevant conclusions will help as the company＇s important external regulatory power of government regulation and intervention in defining the boundaries;party to explore effective ways to embed corporate governance to provide a theoretical basis.

关 键 词：转型 公司绩效 公司治理 行政型治理 

分 类 号：F270[经济管理—企业管理]