中国上市公司治理水平及其对绩效影响的实证研究

本文构建了中国上市公司治理水平的评价指数,并据此对中国上市公司治理水平的现状、影响因素以及与绩效的关系进行了实证分析。研究结果表明:我国上市公司治理水平总体不高;股权结构对公司治理水平具有显著影响,政府控股型公司的治理水平最高,国有资产管理机构控股型公司的治理水平要高于国有法人控股型公司,而一般法人控股型及股权分散型公司的治理水平介于前两者之间 , 但不存在显著差异;公司治理水平对净资产收益率具有正向影响但对市净率却具有负向影响。本文最后给出了上述研究结论的政策意义。

An Empirical Study on the Quality of Corporate Governance and Its Effect on the Performance of the China''''s Listed Companies

Using twelve measures of corporate governance, we develop a corporate governance index in this paper.We find that in mainland China companies have lower governance quality on average. More importantly, we provide evidence showing that the corporate governance quality depends on the type of the controlling shareholders. The government or the state-owned asset management institution holding companies have higher governance quality. On the contrary, the state-owned enterprise holding companies or the companies with widely dispersed ownership structure will have lower quality. Our tests also show that better corporate governance is highly correlated with better ?nancial performance and lower market valuation. Finally we give some policy implications based on these empirical results.