基于主成份分析的上市公司治理水平体系构建

全球金融危机的爆发与蔓延突显出公司治理对风险防范的重要性,政府监管层、上市公司以及投资者自身都产生了对公司治理进行评价的客观要求。本文将公司治理体系分为股权结构、董事会治理、经理层治理、信息披露及透明度、伦理维度五个层面,运用主成份分析方法来寻求上述五个层面各代理变量的线性组合,构建了上市公司治理水平体系。

The Construction of Corporate Governance System of Listed Companies Based on Principal Component Method

The outbreak and spread of the serious global financial crisis has highlighted the importance of risk prevention of corporate governance. The government supervisor, the listed companies and the investors all have requirements to evaluate corporate governance objectively. This paper categorizes corporate governance elements as five aspects, which including ownership structure, board of directors'' governance, managers'' governance, information disclosure and transparency, and ethics. With principal component analysis method, a linear combination of all variables has been investigated and a system of corporate governance for the listed companies has been constructed.