中国上市公司治理与绩效的实证研究

通过对中国上市公司的治理机制与资产收益率的实证研究表明：股权集中度与公司绩效呈倒U型关系、第一大股东持股比例、第二至第五大股东持股比例和与公司绩效显著正相关,前五大股东持股比例的平方和与公司绩效显著负相关,董事会持股、监事会持股、经理层持股、高层管理薪酬与公司绩效显著正相关,董事会规模与公司绩效呈显著二次负相关,独立董事比例与公司绩效显著负相关,公司规模与公司绩效显著正相关,而资产负债率与公司绩效显著负相关。需进一步完善公司治理机制,以提高公司绩效。

Empirical Studies on the Relation of Governing Mechanism and Company Effectiveness of Listed Companies in China

Based on the empirical studies about governing mechanism and property returns ratio of listed companies in China,we can draw a conclusion that the stock share concentration degree has a reverse U type relation to company effectiveness,the share proportion of the first biggest stock holders,the shareholding ratio of the second to the fifth largest holders have notably positive relation to company effectiveness,and the sum of square of stock shares of the first five strong holders has a notably negative relev...