中小企业治理结构与绩效的实证研究——以中小企业板为例

本文在借鉴公司治理结构与绩效相关理论的基础上,以38家中小企业板上市公司为研究对象,运用相关分析和回归分析方法对公司治理结构与公司绩效的关系进行了实证分析,得出以下结论:适当分散股权,形成大股东之间的制衡机制和加强外部治理有助于提高公司绩效;提高管理者持股比例和报酬水平能够提高公司绩效;公司董事会的规模与公司绩效之间存在负相关关系;而独立董事和银行对公司治理绩效影响不显著。

Positive Analysis of Corporate Governance and Firm Performance of SMEs

On the basis of reviewing the related theories of corporate governance and firm performance, taking 38 listed companies on the small and medium-sized enterprise board as the research object, this paper has analyzed the relationship between corporate governance and firm performance exponentially, with the method of regression and correlation. The following conclusions are drawn: dispersing stockholder' s rights properly; forming the balancing mechanism among the major stockholders and strengthening external governances are contribute to the enhancement of the firm performance; raising the stocks proportion and reward level can improve the firm performance; there is inverse correlation relation between the scale of company board and the firm performance; but the independent director and the bank department have little influence on the firm performance.