公司治理的竞争效应与规制效应分析——来自中国A股上市公司的证据

研究以中国2003—2007年所有A股上市公司为样本，借鉴Chhaoehharia和Laeven（2007，2009）以及白重恩（2005）的方法构建公司治理指数，发现公司治理结构与绩效之间存在显著的相关关系。外部董事比例、高管持股量、第一大股东持股比例、第二至第十大股东股权集中度、公司在其它市场挂牌上市以及政府控股等对绩效都有显著影响，在长期内，公司治理的竞争效应优于规制效应。这为中国公司治理改革应该更多依靠市场调节还是依赖政府干预提供了实证依据。

Corporate Governance's Competition Effect and Regulation Effect:Evidence from China's A-Shares Listed Companies

In this paper,we use the sample of China's listed companies in Shenzhen and Shanghai's A-share stock exchanges during year 2003 to 2007 to examine whether competition effect of China's corporate governance reform or regulation effect is better,meanwhile to analysis the relationship between corporate governance and its market value.The analysis proves that there is a close relationship between corporate governance and corporate performance of China's listed companies:the proportion of outside directors,share...