民营上市公司的治理机制及治理效应分析

通过对民营上市公司常用的治理机制及治理效应的分析,我们发现:民营上市公司的各种治理机制无论对净资产收益率还是财务综合绩效,都没有太大的解释力,但对托宾Q值却具有极强的解释能力。即使是就托宾Q值而言,股东会议、独立董事规模、两职设置、高管人员薪酬等内部治理机制也没有发挥显著的作用,内部治理机制中的第一大股东具有特别重要的作用。

Study on the Corporate Governance and its Effects on Private Listed Companies in China

By analyzing the corporate governance and its effects on private listed companies in China,it is found that ROE and compound accounting performance explicate less than Tobin'Q,and as for Tobin'Q,the inner mechanisms,such as the conference of stockholders,the size of independent directors,the setting of the general manager and the chairman of the board and the salary of the top managers have no apparent significance,but the biggest stockholder has most important effect.