泛长三角上市公司治理效率实证研究

近年来,上市公司治理效率问题倍受关注,为提高治理效率,有必要对各影响因素进行研究分析,从股权结构、资本结构和治理机制三个视角进行的实证研究表明,法人股比例和公司成长性与公司治理效率呈正相关的关系;国家股比例、流通股比例、短期负债率、长期负债率、财务杠杆、公司规模、董事会规模、独立董事比例与公司治理效率呈负相关的关系;股权集中度与公司治理效率间存在倒U型线性关系.

Empirical Study on Governance Efficiency of Listed-Companies in Pan-Yangtze River Delta Region

In recent years, governance efficiency of listed companies has caused great concern. To improve management efficiency, it is necessary to research and analyze the factors. This paper takes ownership structure, capital structure and governance mechanism as perspectives for an empirical study. It is found that the proportion of corporate shares and the company growth are positively related to governance efficiency. Proportion of state shares, short-term debt ratio, long-term debt ratio, financial leverage, the company’s size, board size and the proportion of independent directors are negatively related to governance efficiency. There is an inverted U-linear relationship between ownership concentration and governance efficiency.