公司治理与公司绩效的互动关系研究：来自中国电力上市公司的经验证据

基于2007—2013年中国电力行业上市公司面板数据，从互动作用的视角，综合运用格兰杰因果关系模型和分位数回归模型实证检验公司治理与公司绩效之间的关系。研究结果表明：不仅公司治理水平会影响公司绩效，公司绩效的提升也会通过声誉传递机制被债权人等外部利益相关者所获取，从而有效提升公司治理效率。研究结论为后续相关研究提供新的思路，也为中国上市公司以绩效为导向的公司治理机制改革提供科学依据。

Research on the Interactive Relationship between Corporate Governance and Corporate Performance: an Empirical Test based on Listed Companies in China Electric Power Industry

The paper has an empirical test on the interactive relationship between corporate governance and corporate performance using Grainger Causality Model and Quantile Regression Model based on the panel data of electric power listed companies from 2007 to 2012. The results show that not only the level of corporate governance will influence the corporate performance but also the corporate performance conversely would influence the corporate governance after that by Reputation mechanism. It is just as an Closed circulation function loop between the corporate governance and corporate performance.