公司治理水平与经营业绩——来自中国A股上市公司的经验证据  

The Level of Corporate Governance and Firm Performance:Empirical Evidence from Chinese A-share Listed Companies

作　　者：韩少真[1] 潘颖[1] 张晓明[1] 

机构地区：[1]西北大学经济管理学院

出　　处：《中国经济问题》2015年第1期50-62,共13页China Economic Studies

基　　金：国家社科基金项目(12XJL005);教育部人文社科研究青年基金项目(12YJC790149);陕西省社科基金项目(2014D02);陕西省教育厅科学研究计划项目(14JK1693)的资助

摘　　要：本文构建了代表中国上市公司治理水平的综合指数,以2009年至2012年中国A股上市公司面板数据为样本,考察上市公司治理水平对经营业绩的影响。研究发现:公司治理水平越高,经营业绩越好;与国有企业相比,产权性质为民营企业时,公司治理对经营业绩的正向影响更大;公司处于市场化程度高环境中时,公司治理对经营业绩正向影响更大。公司治理整体水平对改善经营业绩有积极影响,但此影响因企业产权性质和地区市场化程度不同有所差异。进一步研究发现管理层治理和股东治理是影响经营业绩的重要因素,而董事会治理和会议治理未发挥改善经营业绩的应有作用。This paper uses principal component analysis to construct the index presents the overall level of corporate governance. Using a sample of China＇s A-share listed companies panel date from 2009 to 2012, this study wants to understand the level of corporate governance impact on the firm performance. Empirical studies have found that the higher of corporate governance level, the better of company＇s operating performance. Compared with the state-owned enterprise, the impact of corporate governance on firm perfornlance is greater positive in private enterprise. Compared with the lower degree of Regional Marketization, the impact of corporate governance on firm performance is greater positive in higher degree of Regional Marketization. The results show that the corporate governanee level has positive effect on improving the operating performance, but this effect will be varied with the nature of corporate ownership and the degree of Regional Marketization. Further study found that management governance and shareholder governance are important factors affecting business performance, and the governance of the board of directors and conference management does not play its proper role to improve business perforumnce.

关 键 词：公司治理 产权性质 市场化程度 经营业绩 

分 类 号：F832.51[经济管理—金融学] F271F275