公司治理效率与公司综合绩效间的关系——基于面板数据模型和主成分分析方法

以2006-2011年983家上市公司为样本,基于董事会特征、股权结构和监事会特征这三个方面的变量与公司综合绩效间的回归结果,运用主成分分析法得到了衡量公司治理效率的指标.文章不仅研究了公司治理效率与公司综合绩效间的关系,并进一步研究了公司治理效率与公司的盈利能力、偿债能力和成长能力的关系.通过研究,得出公司治理效率与公司的综合绩效、盈利能力、偿债能力和成长能力均存在显著的正相关关系的结论.

Relationship between Corporate Governance Efficiency and Corporate Consolidated Performance——from Perspective of Panel Data Model and Main Component Analysis

This paper, taking 983 listed companies from 2006 to 2011 as a sample and based on the regression results between the company consolidated performance and such three variants as board characteristics, ownership structure and supervisory characteristics, obtains the index for evaluating corporate governance efficiency via main component analysis method. Meanwhile, this paper studies the relationship between corporate governance efficiency and corporate consolidated performance as well as the correlation between corporate governance efficiency and profit- ability, solvency and growth capability of the company efficiency is positively correlated with the consolidated and finally reaches the conclusion that corporate governance performance, profitability, solvency and growth capability of the company.