中国上市公司“行业性”治理的实证研究

文章用主成分分析的方法得到了衡量公司业绩的综合指标,以此作为因变量,而以股权治理因子(包括国有股,流通A股,第一大股东,股权集中度等)为解释变量,进行了回归分析.采用涉及机械、金属、批发、石油四大行业共231家上市公司的有关数据,进行了回归分析和假设检验,其结论是不同的行业即使类似的股权结构也有着不同的治理效果,目前中国上市公司的治理应该遵循"行业性".

Empirical Analysis on "Different Governance for Different Trades" of China's Listed Companies

With the principal component method this paper got the integrate indicator of companies (performance). Taking this as the dependent variable, and stock-ownership factors (include state-owned stock, circulating A-Share, the biggest shareholder and the degree of concentration of stock-ownership, etc.), as independent variables, the author carries out a regression analysis. The data analyzed in the regression analysis were collected from 231 listed companies of four major sectors such as machinery, metal, whole-sale and oil. Through the regression analysis and hypothesis testing, author concluded that there were different results of governance even for the different sectors with similar stock-ownership structure; the governing of the listed companies in this country should follow "Different Governance for Different Trades" principle at present.