2008年后中国大陆上市公司治理结构对公司绩效的影响
An Analysis of the Effectiveness of Corporate Governance for Listed Companies in Mainland China since 2008

作者: 张宇婷 * , 李一泓 , 郭祎姮 :武汉大学经济与管理学院,武汉; 蔡恒进 :武汉大学国际软件学院,武汉;

关键词: 公司治理公司绩效行业分析Corporate Governance Corporate Performance Industry Analysis

摘要:
本文通过考虑我国股权分置改革以及金融危机的大背景,主要研究了2008年以后内地上市公司的治理结构对于公司绩效的影响。基于1837家上市公司数据的回归表明:国有持股比例对上市公司整体的治理绩效有显著的负影响,但对采掘业和社会服务业有显著的正影响;公司大股东、管理层以及机构投资者的持股比例对公司价值有显著的正影响;整体上,当保证大股东们总持股较集中时,增加大股东们之间的股权制衡度会对从正面影响公司的绩效,但采掘业中大股东分散持股不利于公司绩效;董事会规模和监事会规模对公司治理绩效有显著正影响;整体来看,独立董事比例对公司治理绩效影响不显著,但在信息技术业、批发零售和贸易业中,独立董事比例有显著正影响,在房地产业中,独立董事比例有显著负影响。

Abstract:
This paper examines the effectiveness of corporate governance for companies listed in mainland China since 2008, considering the background of the financial crisis and the split share structure reform in China. Based on the data of 1837 listed companies, we conclude that: the proportion of state-owned shares has a significant negative impact on the governance performance overall, but it affects the governance posi-tively in Mining and Quarrying Industry and Social Services Sector; the stake of the largest shareholders of the company, the management, as well as institutional investors have a significant positive impact on the ef-fectiveness of corporate governance; equity balance of large shareholders can improve the effectiveness of corporate governance, except for the Mining and Quarrying Industry; the size of the board and the board of supervisors have a significant positive impact on the governance performance; the proportion of independent directors in a board has no significant effects overall, but can improve the effectiveness of cooperate in IT Industry and Wholesale and Retail Trade Sector, and suppress the effectiveness in the Real Estate Sector.

文章引用: 张宇婷 , 李一泓 , 郭祎姮 , 蔡恒进 (2012) 2008年后中国大陆上市公司治理结构对公司绩效的影响。 财富涌现与流转, 2, 68-76. doi: 10.12677/ETW.2012.24017

参考文献

[1] R. Morck, A. Shleifer and R. W. Vishny. Management ownership and market valuation: An empirical analysis. Journal of Financial Econom-ics, 1988, 20(1-2): 293-315.

[2] C. G. Holderness, D. P. Sheehan. The role of majority shareholders in publicly held corporations: An ex-ploratory analysis. Journal of Finance and Quantitative Analysis, 1988, 20(1-2): 317-346.

[3] J. J. McConnell, H. Servaes. Additional evi-dence on equity ownership and corporate value. Journal of Financial Economics, 1990, 27(2): 595-612.

[4] X. Xu, Y. Wang. Ownership structure and corporate governance in Chinese stock companies. China Economic Review, 1999, 10(1): 75-98.

[5] 孙永祥, 黄祖辉. 上市公司的股权结构与绩效[J]. 经济研究, 1999, 12.

[6] K. Gugler, D. C. Mueller and B. B. Yurtoglu. Corporate governance and the return on investment. Journal of Law and Economics, 2003, 47: 589-633.

[7] 朱武祥, 张帆. 企业上市以来的经营业绩[J]. 世界经济, 2001, 11.

[8] 杜莹, 刘立国. 股权结构与公司治理效率: 中国上市公司的实证分析[J]. 管理世界, 2002, 11: 124-133.

[9] 白重恩, 刘俏, 陆洲, 宋敏, 张俊喜. 中国上市公司治理结构的实证研究[J]. 经济研究, 2005, 2: 1-13.

[10] Q. Sun, W. H. S. Tong and J. Tong. How does government ownership affect firm performance? Evidence from China’s privatization experience. Journal of Business Finance and Accounting, 2002, 29(1): 1-27.

[11] Z. B. Wei, F. X. Xie and S. R. Zhang. Ownership structure and firm value in China’s privatized firms: 1991-2001. Journal of Financial and Quantitative Analysis, 2005, 40(1): 87-108.

[12] 陈信元, 汪辉. 股东制衡与公司价值: 模型及经验证据[J]. 数量经济技术经济研究, 2004, 11: 102-110.

[13] M. C. Jen-sen. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 1993, 48(3): 831-880.

[14] D. Yermack. Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 1996, 40(2): 185-211.

[15] N. Vafeas. Board meeting frequency and firm perform-ance. Journal of Financial Economics, 1999, 53(1): 113-142.

[16] M. S. Weisbach. Outside directors and CEO turnover. Journal of Financial Economics, 1988, 20(1-2): 431-460.

[17] C. M. Daily, D. R. Dalton. Board of directors leadership and structure: Control and performance implications. Entrepreneurship: Theory and Practice, 1993, 17: 65-81.

[18] A. Agrawal, C. R. Knoeber. Firm performance and mecha-nism to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis, 1996, 31(3): 377-397.

[19] L. Lin. The effectiveness of outside directors as a cor-porate governance mechanism: Theories and evidence. Northwestern University Law Review, 1996, 90(3): 898-930

[20] 于东智, 谷立日. 公司的领导权结构与经营绩效[J]. 中国工业经济, 2002, 2: 70-78.

分享
Top