电力行业上市公司治理结构与公司绩效关系的实证研究

本文运用深沪两市57家电力行业上市公司2006年的数据,采用多元线性回归分析方法,从内外两种治理机制对公司绩效的影响进行了实证分析。结果发现,电力行业上市公司的治理结构中,对公司绩效影响较显著的因素分别是:第一大股东的持股比例、前五大股东持股比例之和、反映控制权市场的系数Masc以及高管人员的报酬等四大因素。而对于其他反映治理结构的变量,尤其是反映董事会特征的变量,对公司绩效没有显著的影响作用。

An Empirical Study on the Relationship between Corporate Governance and Corporate Performance of Listed Electric Power Companies in China

In this paper,we use the multivariate linear regression analysis method,how the inside and outside manage structures affect a company's performance was investigated empirically with the data of 57 listed electric power companies in Shanghai and Shenzhen stock market in 2006.We found that the most important factors are the biggest shareholder's share ratio,the top five shareholder's share summation,the Masc coefficient which reflects the mastery market and the chief manager's pay.As to other factors of manage structure,especially the factors of the directorate have no notable impact on the company's performance.