摘要
股权结构是影响公司治理的重要因素,利用多元线性回归对股权治理、债权治理、管理层激励三个层面进行分析,探讨其对公司治理的影响程度。实证表明:第一大股东持股比例、股权集中度、股权制衡度和管理者持股比例与公司治理呈正相关关系,而现金流动负债比率和资产负债率与公司治理呈负相关关系。然而我国装备制造业上市公司股权治理结构并不合理,应进一步优化股权结构、完善监管体系以及建立多元化投资体系等来提高公司治理水平。
Ownership structure is an important factor affecting corporate governance, the author using regression analysis to study the ownership governance, debt governance and management incentive three respects comprehensively and analyze the impact to corporate governance. Empirical research showed that： the largest shareholders of listed companies holding share proportion, ownership concentration degree, stock right counterbalance and holding share proportion of directors have a positive correlation with corporate governance, but the cash flow debt ratio and assets debt ratio have a negative correlation with corporate governance. The stock right structure of equipment manufacturing industry in China is irrational, so we should optimize the ownership structure, perfect regulation system and establish a diversified investment system to improve management level.
出处
《经济与管理》
CSSCI
2011年第10期32-36,共5页
Economy and Management
关键词
装备制造业上市公司
股权结构
公司治理
回归分析
listed companies of equipment manufacturing industry
ownership structure
corporate governance
regression analysis
