基于数据包络分析法公司治理及其效率评价研究Editedby.pdfVIP

于数据包络分析法的公司治理及其效率评价研究 刘文虎 (德州学院数学系，山东 德州 253023) 摘要：本文以公司治理的本质作用和最终目的为出发点，从投入产出角度构建了 代表公司治理过程的数学模型，并以2007-2011 年深沪A 股上市公司为样本，尝 试用DEA 方法计算上市公司治理效率值，以评价上市公司治理水平差异。实证 结果表明，2007-20 11 年，我国上市公司治理效率呈现出先降后升的变化趋势； 另外，批发零售贸易行业公司治理水平较高且 为稳定，传播与文化、社会服务 行业的公司治理效率较低。总体而言，我国上市公司治理效率的整体水平仍较低， 有效治理公司数量偏少，大多数上市公司治理效率波动较大。 关键词：公司治理，公司治理效率评价，数据包络分析 Abstract: Based on the essential function of the Corporate Governance and its final purpose, from a view of input and output, this paper constructs a mathematical model which characterizes the company management process, and tries to evaluate the efficiency value of the corporate governance of listed company by use of DEA method. The efficiency value can assess differences in the levels of corporate governance of listed company . With Shanghai and Shenzhen a-share listed companies as a sample, using the data in 2007 - 20 11, this paper is carried on an empirical test. The result is that : the efficiency value of the corporate governance of listed companies showing a change down then up in 2007-2011; the industry of the highest and the steadiest corporate governance level is wholesale and retail trades; the industry of the lower corporate governance level is the communication and cultural industry and social service industry . In a word, overall level of corporate governance is low; the number of relatively effective companies is very few; the fluctuation of the efficiency value of corporate governance is relatively larger. Key words : corporate governance; efficiency of corporate governance; data envelopment analysis (DEA) 作者简介：刘文虎，男，管理学博士，德州学院数学系副教授，研究方向：公司 治理，数据包络分析及应用。 1 中图分类号： 文献标识码：A 引言 上世纪90 年代以来，特别是2008 年金融危机后，公司治理在全球范围内受 到实务界和理论界的广泛重视。2004 年，OECD 发布了 《经合组织公司治理原 则》，明确指出 一个有效的公司治理体系无论对于一个公司内部，还是对整个经 而言，