我国上市公司治理效率——基于DEA方法  

The Governance Efficiency of Listed Companies in China——Based on DEA

作　　者：雷辉[1] 龙辉[1] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082

出　　处：《系统工程》2016年第11期17-23,共7页Systems Engineering

基　　金：国家自然科学基金资助项目(71272208)

摘　　要：以2009-2014年深沪A股上市公司为样本,从公司治理机制以及委托代理成本为出发点,基于投入与产出角度构建公司治理函数模型,采用DEA方法衡量公司治理效率,对比分析评价国企与非国企治理效率和治理水平差异,并通过有效前沿面分析得出影响公司治理效率的主要因素。实证结果表明,我国上市公司综合治理效率有待提高,国有企业综合治理效率有赶超非国有企业的现象;而影响公司治理效率的主要因素是董、监、高持股激励。Based on the samples from the listed companies on Shanghai and Shenzhen stock exchanges of 2009 to 2014,corporate governance mechanisms,this paper takes agency costs as the starting point,based on input and output point of view to construct the corporate governance function mode,uses DEA method to calculate the efficiency of corporate governance,and analyzes of SOEs and non-SOEs governance efficiency and differences of governance level to know the main factor in corporate governance efficiency by putting redundant and effective frontier impact analysis results.The empirical results show that：（1）comprehensive efficiency of corporate governance needs to be improved;（2）the state-owned corporate governance efficiency has a sign to catch the non-state enterprises;（3）the main impact factor of corporate governance efficiency is equity incentive incentive of directors,supervisors and executives.

关 键 词：公司治理效率 治理机制 改革 数据包络分析 

分 类 号：F270[经济管理—企业管理]