公司治理机制及其治理效应研究——基于2003—2013年上市公司的公开数据  

A Research on Corporate Governance Mechanism and Corporate Effect:Based on Public Data of Chinese Listed Companies from 2003 to 2013

作　　者：郝臣[1,2] 刘芯蕊[2] 白丽荷 崔光耀[2] 

机构地区：[1]南开大学中国公司治理研究院,天津300071 [2]南开大学商学院,天津300071

出　　处：《南京审计大学学报》2016年第4期52-63,共12页Journal of Nanjing Audit University

基　　金：国家自然科学基金重点项目(71132001);教育部人文社会科学重点研究基地重大研究项目(14JJD630007)

摘　　要：伴随着公司治理观念的深入和公司治理结构与机制的建立,公司治理有效性问题逐渐成为监管部门和上市公司关注的焦点。基于2003—2013年上市公司的公开数据,运用面板数据回归方法考察股权结构、运作机制、决策机制、监督机制和激励机制五个治理方面共12个重要治理要素对两种股权代理成本的影响,结果表明:我国上市公司治理要素能够有效降低代理成本,但仍有部分治理要素存在无效性,甚至董事薪酬与第一种代理成本呈现出正相关关系。因此,为进一步提高我国公司治理的有效性,应该在树立正确的公司治理思维、控制董事会会议次数、完善监事会制度等方面予以加强。Along with the deepening of the concept of corporate governance and the establishment of corporate governance structure and mechanism,the issues of corporate governance effectiveness increasingly become the focus of regulators and listed companies concerned. Based on the public data of listed companies from 2003 to 2013,using panel data methods,this paper investigates the relationship between two kinds of ownership agency cost and 12 important elements of corporate governance,which is included by ownership structure,operation mechanism,decision-making mechanism,monitoring mechanism and incentives mechanism. The results show that corporate governance elements can reduce agency costs effectively; but a few elements of corporate governance have a nullity. The top directors’ remuneration even shows a positive correlation with the first agency cost. Therefore,in order to further improve the effectiveness of corporate governance in our country,we should strengthen the correct corporate governance way of thinking,control the number of meetings of the board of directors,and improve the system of the board of supervisors.

关 键 词：委托代理理论 公司治理机制 金融机构治理 公司治理有效性 股权结构 股权代理成本 资产负债率 董事会规模 国家治理 

分 类 号：F276[经济管理—企业管理]