政府控制和治理机制的有效性--基于中国A股市场的经验证据

本文认为,影响我国公司治理机制有效性的主要环境因素为政府控制,同时分析了政府控制对治理机制有效性的影响机理.本文利用我国上市公司的数据进行实证研究,结果表明,政府干预行为影响到了董事会、股权制衡机制、薪酬激励机制等治理机制作用的发挥.本文的研究结论主要为公司治理的完善首先需要的是政府治理的完善.只有政府治理完善,对上市公司的干预减少,董事会、股权制衡机制、经理人市场和控制权市场才会发挥其相应的作用.

Government Controlling and Effectiveness of Corporate Governance: Evidences Based on Listed Company in China

This article puts forward that the key institutional factor which affect the effectiveness of corporate governance is government controlling, and then analyzes the government controlling in what way affects the effectiveness of corporate governance. The result of positive research shows that the government controlling affected ef- fectiveness of the board of directors, ownership structure and incen- tive institution. The article concludes that only if government gov- ernance become perfect, the board of directors, ownership structure, manager market and market of corporate control will take effect.