公司治理与公司经营业绩的相关性研究
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摘要
随着公司竞争的加剧和资本市场的迅速发展，公司理论和公司财务理论研究的结果普遍认为，不仅公司经营行为和财务活动影响公司经营业绩，在更深层次的基础上，公司治理的有效性也将对公司经营业绩产生根本的决定性作用和长远影响，而目前我国上市公司治理中存在的股权结构不合理、董事会运作低效、经理人约束和激励机制缺失等问题，不仅损害了上市公司的成长基础，而且对公司经营业绩、公司价值的提高造成了很不利的影响。由此，本文立足于我国上市公司，对公司治理与公司经营业绩两者之间的相关性尤其是公司治理要素对公司经营业绩的影响进行了探索与研究。
首先本文采用规范研究方法，阐述了公司治理内涵的不同解释及公司治理的作用机理，比较分析了两种典型的公司治理模式，并详尽分析了我国上市公司治理的特征。然后，联系我国上市公司实践，具体论述公司内、外部治理对公司经营业绩的影响方式。接着以沪、深两市批发零售行业的上市公司为研究样本，设计并运用Logit模型，从股权结构、董事会特征与关键人激励与约束三个方面对公司内部治理结构与公司经营业绩对上述研究结论做进一步的实证研究。实证研究得出的结论表明，股权结构、董事会特征、关键人激励与约束三者均与公司经营业绩呈现显著正相关。最后，本文以实证研究结论为依据，从股权结构、董事会特征、关键人激励与约束三个方面对完善公司治理与提高公司经营业绩，提出了相应的政策和建议。
With the increasing of corporate competition and the development of capital market, firm theory and firm finance theory widely researched that corporate operating and finance activity influenced corporate performance. Moreover, the effect of corporate governance will influence corporate performance decisively and greatly. But presently, there exist ill ownership structure low effect board and shortage of manager restriction and incentive mechanism, which not only impair listed company coming on foundation , but also have ill effect on improve company performance and firm merit. So, this article is established in listed company, seek after and research the correlation between corporate governance and corporate performance, especially the influence of corporate governance factors to firm performance.
Firstly, by means of the method of normative research, this article interprets different understanding of corporate governance and the mechanism of corporate governance, analyzes two types of corporate governance system, and analyses the characteristics of corporate governance of Chinese listed companies. Secondly, based on the practice of Chinese listed company, I analyze and dissertate theoretically the acting principle of different corporate governance factors on improving firm performance. To validate the research conclusions above, this thesis makes further empirical research on wholesale and retail companies listed in Shanghai and Shenzhen Stock Exchange by designing and employing logit model. Conclusion is what exits a significant positive association among the proportion of ownership structure the proportion of board and the proportion of manager incentive and restriction. In the end, according to the empirical results, I put forward corresponding advices for policy establishment in order to optimize
corporate governance and improve corporate performance.
首先本文采用规范研究方法，阐述了公司治理内涵的不同解释及公司治理的作用机理，比较分析了两种典型的公司治理模式，并详尽分析了我国上市公司治理的特征。然后，联系我国上市公司实践，具体论述公司内、外部治理对公司经营业绩的影响方式。接着以沪、深两市批发零售行业的上市公司为研究样本，设计并运用Logit模型，从股权结构、董事会特征与关键人激励与约束三个方面对公司内部治理结构与公司经营业绩对上述研究结论做进一步的实证研究。实证研究得出的结论表明，股权结构、董事会特征、关键人激励与约束三者均与公司经营业绩呈现显著正相关。最后，本文以实证研究结论为依据，从股权结构、董事会特征、关键人激励与约束三个方面对完善公司治理与提高公司经营业绩，提出了相应的政策和建议。
With the increasing of corporate competition and the development of capital market, firm theory and firm finance theory widely researched that corporate operating and finance activity influenced corporate performance. Moreover, the effect of corporate governance will influence corporate performance decisively and greatly. But presently, there exist ill ownership structure low effect board and shortage of manager restriction and incentive mechanism, which not only impair listed company coming on foundation , but also have ill effect on improve company performance and firm merit. So, this article is established in listed company, seek after and research the correlation between corporate governance and corporate performance, especially the influence of corporate governance factors to firm performance.
Firstly, by means of the method of normative research, this article interprets different understanding of corporate governance and the mechanism of corporate governance, analyzes two types of corporate governance system, and analyses the characteristics of corporate governance of Chinese listed companies. Secondly, based on the practice of Chinese listed company, I analyze and dissertate theoretically the acting principle of different corporate governance factors on improving firm performance. To validate the research conclusions above, this thesis makes further empirical research on wholesale and retail companies listed in Shanghai and Shenzhen Stock Exchange by designing and employing logit model. Conclusion is what exits a significant positive association among the proportion of ownership structure the proportion of board and the proportion of manager incentive and restriction. In the end, according to the empirical results, I put forward corresponding advices for policy establishment in order to optimize
corporate governance and improve corporate performance.
引文
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[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，管理世界，2002．11
[9] 魏刚，高级管理层激励与上市公司经营业绩，经济研究，2000．3
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[18] Mehran, H. Executive Compensation Structure, Ownership, and Firm Performance. Journal of Financial Economics, 1995, 38:163-184
[19] Weisbach, M. S. Outside directors and CEO turnover. Journal of Financial Economics, 1988,20: 431-460.
[20] Borokhovich, K.A.,Parrino, P.,Trapani, T.,Outside directors and CEO selection. Journal of Financial Quantitative Analysis. Vol. 31, No. 3, 1996: 337-355.
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