| 中国民营企业公司治理与公司绩效的实证分析 |
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| 引用本文： | 刘锦红.中国民营企业公司治理与公司绩效的实证分析[J].软科学,2009,23(5). |
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| 作者姓名： | 刘锦红 |
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| 作者单位： | 四川大学,工商管理学院,成都,610064 |
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| 摘 要： | 以沪深两市2004~2007年99家民营上市公司为样本,采用面板数据的分析方法,从所有权结构、董事会和高级管理层激励三个方面全面分析了中国民营上市企业中公司治理对公司绩效的影响。研究发现:最终控制人的控制权比例、现金流权比例以及两者的分离程度与公司绩效负相关;最终控制人的控制权与所有权的偏离程度与公司绩效负相关;董事长与总经理两职兼任和持有公司股份董事人数、董事会执行强度与公司绩效显著正相关;董事会规模与公司绩效呈现倒U型的二次曲线关系;高级管理层的薪酬与公司绩效显著正相关,但高级管理层的持股比例与公司绩效呈现非线性的三次曲线关系。
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| 关 键 词： | 民营上市公司 所有权结构 董事会 高级管理层激励 公司绩效 |
Empirical Research on Corporate Governance and Performance of Privated Enterprises in China |
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| LIU Jin-hong.Empirical Research on Corporate Governance and Performance of Privated Enterprises in China[J].Soft Science,2009,23(5). |
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| Authors: | LIU Jin-hong |
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| Abstract: | Using panel data analysis methods,this paper selects samples of 99 listed private companies of Shanghai and Shenzhen stock markets in 2004 to 2007,and comprehensively analyses the impact of corporate governance on corporate performance in Chinese private Listed enterprises,from the areas of ownership structure,board of directors and senior management incentive.It has found that the ratio of control of ultimate controler,the ratio of cash flow rights and the separation between the two ratio have negative correlation with corporate performance;Chairman as General Manager,the number of directors with shares of the company and the intensity of the implementation of the Board of Trustees have significantly positive correlation with corporate performance;the scale of the Board of Directors and corporate performance showes inverted U-curve of the quadratic relations;senior management pay and corporate performance have positive correlation,while the proportion of senior management ownership and corporate performance show the nonlinear relationship between the three curves. |
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| Keywords: | privated listed company ownership structure Board of Drirectors senior management incentive corporate performance |
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