经理层治理评价指数与相关绩效的实证研究——基于中国上市公司治理评价的研究

公司治理评价与指数研究正成为公司治理理论与实务领域的世界性课题。经理层处于公司治理体系中的内核,经理层评价是公司治理系列评价的最终受体。本文在对国内外经理层治理评价进行评述的基础上,从公司治理客体———经理层视角构建中国上市公司经理层治理评价指数,并藉此从任免制度、执行保障、激励约束机制三个基本维度以及第一大股东不同性质等多视角对931家中国上市公司样本进行治理状况实证研究。同时,构造上市公司综合绩效评价体系,从最优化和安全性两个视角考察公司效能,并对两个评价指数进行综合相关性和回归研究。评价结果显示,经理层治理状况总体偏低,各主因素得分有较大的差异,经理层治理水平的改善,有利于治理绩效的提高。关于经理层行政任免、两职设置、内部人控制、决策支持、双重任职,及薪酬、股权、控制权激励约束机制等方面的研究结果,以及经理层治理水平对上市公司盈利性、成长性、潜在发展性、安全性的影响程度及影响方式等有价值的结论,对于各方利益相关者有重要的借鉴意义。

Research on the Top Management Governance Evaluation Index and Empirical Study on Relationship between the Index and Governance Performance:Based on Corporate Governance Evaluation of Public-listed Companies in China

The study on corporate governance evaluation and index is a worldwide topic.The top management plays the core role in the corporate governance evaluation system.This paper,on the basis of the review of the top management governance evaluation in China and abroad,constructs the evaluation index to measure and assess top management governance of the public-listed companies in China,and makes an empirical study on the governance situation of 931 Chinese public-listed companies from three foundational dimensions,namely,appointment and removal system,execution guarantee system,motivation and regulation system,and from the perspective of nature of the biggest shareholder.Meanwhile,the paper constructs the comprehensive performance evaluation system of the public-listed companies by reviewing the efficiency of the companies from the point of firm optimization and safety,and makes a comprehensive and regression research on the two evaluation indices.The evaluation result shows that the overall top management governance in China is poor.The enhancement of the top management governance will improve the governance performance.