公司治理对国有和非国有企业效率的影响研究——基于2012~2015 年我国制造业上市公司数据

公司治理特征与公司绩效之间的关系一直是理论研究和实证分析的焦点。DEA 方法在公司治理与企业绩效之间的关系分析中的应用已受到越来越多的关注。本文选取2012~2015 年我国制造业上市公司数据，运用主成分分析和混合DEA 模型来剖析公司治理和公司效率之间的关系。输入变量是固定资产的净值、员工数量和公司治理，而输出变量是总收入和税前利润。对于国有和非国有制造业上市企业，公司治理是一个重要的影响公司效率的因素。研究结果表明：国有和非国有制造企业可以通过有效地使用员工、固定资产和改进公司治理来提高效率；而低效的公司治理是国有与非国有上市制造业企业效率低下的主要原因；同时，由于过度的公司治理，国有企业的低效率远高于非国有企业，这表明非国有企业的公司治理效率高于国有企业。

Research on Impact of Corporate Governance on State-owned and Non-state-owned Firm's Efficiency in China——Based on 2012~2015 China's Manufacturing Industry Listing Corporation Data

The relationship between corporate governance characteristics and firm performance has been the focus of theoretical and empirical analysis. The application of the DEA method in the analysis of corporate governance and corporate performance has attracted more and more attention. This paper selects the data of China’s listing corporation of manufacturing industry in 2012~2015，using principal component analysis and mixed DEA model to analyze the relationship between corporate governance and corporate efficiency. The input variable is the net value of the fixed assets，the number of employees，and the corporate governance，while the output variable is the total income and the pretax profit. The empirical analysis shows that corporate governance is an important factor affecting the efficiency of state-owned and non-state listed manufacturing enterprises. From 2012 to 2015，inefficient SOEs accounted for 95.56% of the total，95.90%，96.36%，and 93.82% higher than those of inefficient non-state-owned enterprises in 93.07%，95.28%，95.17% and 90.27%. This shows that the corporate governance efficiency of state-owned enterprises is lower than that of non-state-owned enterprises. The empirical results show that the efficiency of corporate governance is the main reason for the low efficiency of most manufacturing enterprises. At the same time，listed companies of manufacturing industry are divided into stateowned enterprises and non-state-owned enterprises. Empirical analysis found that： based on corporate governance reasons，the non-efficiency of the state-owned enterprises is higher than that of the state-owned enterprises and the proportion of inefficient state-owned enterprises is higher than that of non-state-owned enterprises.