摘要
本文设计了一套公司治理评价体系,并依此对中国2008年100强上市公司治理水平进行评估,试图为公司治理与绩效关系的研究提供一项新的证据。评价结果显示,公司治理的两极分化现象明显,金融业上市公司的治理水平明显高于非金融业公司,国有控股公司的治理水平略低于其他行业公司。实证结果表明,公司治理水平对公司绩效具有正向的促进作用,其中股东权利指数、信息披露与透明度指数、股东平等待遇指数对公司绩效的正向影响尤为明显。考虑内生性因素后的两阶段最小二乘回归结果显示,公司治理的内生性程度较小,公司绩效对公司治理的反向影响不明显。
In this paper we designed a corporate governance evaluation system and evaluated the 100 largest China's listed companies of 2008,in order to provide a new proof of the relationship between governance and performance. The results showed that polarization of corporate governance is significant. Financial listed companies have higher governance level than non-financial companies,and state-owned companies have lower governance level than other types of companies. Empirical analysis showed that corporate governance has a positive impact on corporate performance. The indices of shareholder rights,information disclosure and transparency,and equal treatment of shareholders have significant impact on corporate performance. The results of two stage least squares showed that the endogenous of corporate governance is small;The impact of corporate performance on corporate governance is not significant.
出处
《金融评论》
2010年第6期33-46,共14页
Chinese Review of Financial Studies
关键词
公司治理
公司绩效
评价体系
Corporate Governance
Corporate Performance
Evaluation System
作者简介
鲁桐，中国社会科学院世界经济与政治研究所研究员，公司治理研究中心主任，博士生导师；
党印，中国社会科学院世界经济与政治研究所博士研究生；
仲继银，中国社会科学院经济研究所研究员。
