摘要
利用2004—2007年中国上市公司经验数据,对公司治理结构与公司经营绩效、市场绩效之间的关系进行了实证研究。研究结果表明,控股股东的股权集中度、机构持股增加、严格的审计制度以及股权分置改革均对公司绩效产生积极影响,但严格的审计制度在对经营绩效和市场绩效的影响上存在一定差异性。第一大股东为国有股或国有法人股则对经营绩效和市场绩效均具有负面的影响。
This paper made empirical analysis on the relationship between corporate governance, operating performance, and market performance in the context of share splitting, based on the data of listed companies ranging from 2004 to 2007 in China. Resuhs show that the increase of controlling shareholder equity concentration and institutional shareholding, strict audit system as well as share splitting reform has positive impact on enterprise performance. However, strict audit system has different effect on operating performance and market performance. While, the first largest shareholder, being state owned shares or state owned legal person shares, has negative impact on operating performance and market performance.
出处
《海南大学学报（人文社会科学版）》
CSSCI
2010年第4期62-68,共7页
Journal of Hainan University （Humanities & Social Sciences）
基金
中国博士后科学基金项目(20060390329)
海南省哲学社会科学规划项目(HNSK08-48)
关键词
公司治理
经营绩效
市场绩效
代理关系
corporate governance
operating performance
market performance
agency relationship
