中国上市公司治理结构的实证研究

我国上市公司的市场价值与其治理结构有无联系?投资者愿为治理良好的公司付出多大的溢价?本文旨在对上述两大问题进行全面和系统的实证研究,揭示当前上市公司存在的治理弊病,为建立具有中国特色的公司治理体系提供依据。为此,我们充分考虑了公司治理的内外部机制,并结合中国的市场环境,归纳出一系列变量来描述公司治理在我国的具体实践。基于这个变量体系,我们运用主元因素分析法编制了一个可反映上市公司治理水平的综合指标——G指标。我们的实证研究发现:( 1 )治理水平高的企业其市场价值也高;( 2 )投资者愿为治理良好的公司付出相当可观的溢价。

An Empirical Study on Chinese Listed Firms' Corporate Governance

Are there any relations between Chinese listed firms' market value and their corporate governance? How much a premium are Chinese investors willing to pay for well-governed firms? Through a comprehensive and systematic empirical study on these two issues, this paper aims at understanding corporate governance practices among the Chinese listed firms and providing best corporate governance practices that fit Chinese firms well. In light of China's institutional background, we carefully examine various internal and external corporate governance mechanisms. We identify a set of eight variables that fully captures Chinese listed firms' corporate governance practices. Applying the principal component analysis method (PCA) to these variables, we compile a single composite index (G-Index) to rank Chinese listed firms' corporate governance levels. Our main empirical findings are: (1) firms with higher governance levels (higher G-Index scores) have higher market valuations; (2) investors in China are willing to pay a considerable amount of premium for well-governance firms.