多重视角下公司治理水平对企业绩效的影响分析——来自房地产上市公司的证据  

An Analysis of the Impact of Corporate Governance on Firm Performance from Multiple Perspectives: Evidence from China's Real Estate Listed Corporation

作　　者：张红[1] 高帅[1] 张洋[2] 

机构地区：[1]清华大学房地产研究所,北京100084 [2]北京林业大学经济管理学院,北京100083

出　　处：《南京审计学院学报》2015年第2期3-11,共9页journal of nanjing audit university

基　　金：国家自然科学基金资助项目(71373143)

摘　　要：以2000—2012年房地产上市公司为样本,从微观视角分析股权结构、董事会治理、高管激励对企业绩效的影响,发现房地产上市公司治理对企业绩效的影响整体上显著;采用因子分析法构造公司治理综合排名指标G1和企业绩效综合排名指标JX,从宏观视角审视公司治理与企业绩效之间的关系,发现房地产上市公司治理综合排名提高会导致企业绩效显著上升。With the real estate listed corporations as a sample from 2000 to 2012,this paper makes an analysis on the impact of ownership structure,board governance,executive incentive on firm performance from micro perspective. The results show that that the corporation governance has a significant influence on firm performance. With corporate governance ranking index G1 and firm performance ranking index JX as factor analysis method,this paper makes a review on the relationship between corporate governance and firm performance from macro perspective. The results find that promoting the corporate governance ranking would bring significant positive effect to firm performance.

关 键 词：房地产上市公司 公司治理 资本结构 企业绩效 因子分析法 股权结构 董事会治理 高管激励 

分 类 号：F275[经济管理—企业管理]