我国中部地区上市公司治理结构与公司绩效的实证研究

公司治理与公司绩效之间的关系一直是公司治理研究中一个备受争议的课题,实证研究并未得出一致的结论。本文以我国中部地区上市公司为样本,选择董事会规模、独立董事比例、股权集中度等若干研究变量,对董事会结构与股权结构和公司绩效的关系进行实证分析。研究结果发现独立董事比例、机构投资者持股比例、高管人员持股比例和股权集中度与公司绩效存在正相关关系;董事会规模、国有股比例与公司绩效负相关。

An Empirical Study of the Governance Structure and Corporate Performance of Listed Companies in Central China

The relationship between corporate governance and corporate performance remains controversial and empirical studies fail to draw a unanimous conclusion. Taking listed companies in Central China as samples and selecting such variables as the size of the board, the proportion of the independent directors and the share concentration ratio, this thesis empirically analyzes the relationship between the board structure, the ownership structure and the corporate performance. The results indicate that the proportions of the independent directors, of institutional shares, of top executives' shares and the share concentration ratio positively correlate with corporate performance, and the size of the board and the proportion of state ownership negatively correlate with corporate performance.