| 中国上市公司的治理改进:2002-2006 |
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| 引用本文： | 曹廷求,钱先航,郑静.中国上市公司的治理改进:2002-2006[J].财经研究,2010,36(2). |
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| 作者姓名： | 曹廷求 钱先航 郑静 |
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| 作者单位： | 1. 山东大学,经济学院,山东济南,250100
2. 南开大学,公司治理研究中心,天津,300071 |
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| 基金项目： | 国家自然科学基金项目(70672098);;教育部人文社科重点研究基地重大项目(07JJD630002) |
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| 摘 要： | 文章以2002年和2007年我国上市公司的自查报告为基础,选择了18个指标构建了公司治理指数,并以此对我国上市公司的治理状况及其5年间的改进程度进行了综合评价。结果显示,治理指数与公司价值显著正相关,治理指数每上升1点,公司价值约增加0.3个百分点;5年间上市公司的治理水平有明显改进,这种改善总体上会带来公司价值的提升,但这一结论存在一定的内生性。进一步研究表明,上述治理改进的效果是股东权利、董事会与监事会、公司独立性和内控与激励机制等治理机制共同作用的结果。文章还发现,公司风险程度、融资需求、外部市场化水平、兼并或借壳上市等公司特征在一定程度上驱动了上市公司的治理改进。
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| 关 键 词： | 治理指数 治理改进 公司价值 |
Governance Improvements of Listed Companies in China from 2002 to 2006 |
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| CAO Ting-qiu,QIAN Xian-hang,ZHENG Jing.Governance Improvements of Listed Companies in China from 2002 to 2006[J].The Study of Finance and Economics,2010,36(2). |
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| Authors: | CAO Ting-qiu QIAN Xian-hang ZHENG Jing |
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| Institution: | 1.School of Economics;Shandong University;Jinan 250100;China;2.ResearchCenter of Corporate Governance;Nankai University;Tianjin 300071;China |
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| Abstract: | The paper constructs corporate governance index by using 18 indicators from the self-inspection reports of China's listed companies in 2002 and 2007 and explores the governance situations of listed companies and their improvements during these five years.It shows that there is a significantly positive relationship between corporate governance index and firm va-lue.The 1 unit increase of corporate governance index results in the 0.3% increase of firm value.The governance level of listed companies has been ob... |
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| Keywords: | corporate governance index governance improvement firm value |
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