中国期货经纪公司治理有效性研究

中国期货经纪公司在内部治理方面存在着股权结构不合理、管理层独立性不强、监督机制不完善、独立董事制度尚未完全建立、相关利益主体对公司监控作用较小等问题;在外部治理方面存在信息披露制度落后和市场竞争不充分造成的经理人市场缺失等问题;期货经纪公司的经营业绩与其第一大股东持股比重、期货经纪公司的董事会和监事会规模、外部债权人质量、营业部数量等因素正相关,而期货经纪公司董事长兼任总经理现象则对公司业绩产生负面影响。

The Study on the Corporate Governance Efficiency of China's Futures Companies

Based on the data obtained from the questionnaire,we test the corporate governance efficiency of China's futures companies.On internal governance there are some problems such as improper equity structure,weak independence of the executive,imperfect regulation system,and there are also some problems as lagged information disclosure system and insufficient competition in China's futures market on external governance.The empirical result reveals that the concentration of the ownership,the scale of the board,the quality of debtors and the number of branches are relevant to the futures firm's performance but the CEO duality has negative effect on the firms' performance.