论文部分内容阅读
基于2004年~2006年中国上市公司截面数据,应用回归分析的方法,系统考察终极控制股东两权偏离、公司治理与企业绩效间的互动机理,检验公司治理在两权偏离与企业绩效关系中的中介效应。研究结果显示,终极控制股东两权偏离对公司价值具有显著的负向效应,其负向效应随终极控制股东现金流权比例的提高而趋于降低;终极控制股东两权偏离对公司治理具有显著的负向效应,其负向效应随终极控制股东现金流权比例的提高而趋于降低;公司治理对公司价值具有显著的正向效应,其在终极控制对公司价值的作用机制中具有显著的中介效应,中介效应占总效应的比例超过50%,终极控制股东现金流权比例的提高会降低公司治理的中介效应。基于实证分析结果,最后为优化公司治理提出相应的政策建议。
Based on the cross-sectional data of Chinese listed companies from 2004 to 2006, a method of regression analysis was used to systematically examine the interaction mechanism between the ultimate control shareholder’s two-power deviation, corporate governance and corporate performance, and tested the relationship between corporate governance and the relationship between corporate power and corporate performance. Mediating effect. The research results show that the deviation of the two powers of the ultimate controlling shareholder has a significant negative effect on the company’s value, and its negative effect tends to decrease as the proportion of the ultimate controlling shareholder’s cash flow rights increases; the ultimate control shareholder’s two rights deviation is significant to corporate governance. The negative effect of the negative effect tends to decrease as the proportion of cash flow rights of the ultimate controlling shareholders increases; corporate governance has a significant positive effect on the value of the company, which has significant effects in the ultimate control mechanism of the company’s value. The mediating effect, the proportion of mediating effects in the total effect exceeds 50%, and the increase in the proportion of cash flow rights of ultimate controlling shareholders will reduce the mediating effect of corporate governance. Based on the empirical analysis results, we finally propose corresponding policies to optimize corporate governance.