公司治理评价、治理指数与公司业绩--来自2003年中国上市公司的证据

本文基于2003年的评价样本，从中国上市公司治理指数（CCGI^NK）及其所涉及的六个维度进行实证研究发现：上市公司治理指数对总资产收益率、每股净资产、加权每股收益、每股经营性现金流量、总资产周转率、总资产年度增长率、财务预警值均有显著的正面影响．这表明拥有良好的公司治理机制有助于提升企业的盈利能力、股本扩张能力、运营效率、成长能力，有助于增强财务弹性和财务安全性。公司治理中所涉及的控股股东治理、董事会治理、经理层治理、信息披露、利益相关者治理、监事会治理机制，在很大程度上决定了上市公司是否能够拥有一套科学的决策制定机制与决策执行机制。而这将对公司业绩和公司价值产生直接而深远的影响。

Corporate Governance Evaluation, Corporate Governance Index(CCGINK) and Corporate Performance--Evidences from 2003 Chinese Listed Companies

The paper,based on the samples of 2003,carry out empirical analyses of China listed companies from the perspective of Chinese Corporate Governance Index and its six dimensions:controlling shareholders behavior,board of directors,top management,information disclosure,stakeholders governance,supervisors committee,and find that CCGINK is positively associated with ROA,NAPS,EPS,OCFPS,TAV,ITA and Z.These indicate that good corporate governance mechanisms improve profitability,stock expansion,operating efficiency,growth and development potential,and financial flexibility and safety of listed companies.Corporate governance mechanisms of controlling shareholders,board of directors,top management,information disclosure,stakeholders and supervisors committee largely determine decision-making and decision-execution mechanisms and further have direct and far-reaching effects on performance and value of listed companies.