公司治理与公司绩效的实证研究.doc

摘要 公司治理作为一种制度安排，其目的在于界定公司中最主要利益主体之间的相互关系，在要素所有者之间分配收益及制订公司战略和解决公司经营管理问题。由此，公司治理中所涉及的相关者的利益关系决定着公司的发展方向和业绩。上市证券公司是我国资本市场的重要参与者和组织者，一方面作为中介机构，发挥着媒介资金供需、构造资本市场、优化资源配置等功能；另一方面作为上市公司，大多是通过借壳或重组上市公司实现上市流通的。我国上市证券公司金融行业特征及其特殊的上市方式，决定了研究其公司内部治理与公司绩效之间的相关性有助于完善公司内部治理结构，提高经营效率，进而促进资本市场的稳定和发展。 本文共分六个部分。第一部分介绍了公司治理与公司绩效研究状况和本文的研究意义。第二部分概述上市证券公司的形成与发展。第三部分多角度分析了我国上市证券公司内部治理现状。第四部分依据相关理论和研究成果，提出研究假说，并选取了研究变量。第五部分从股权结构、董事会特征、高层管理人员激励三个方面实证检验了我国上市证券公司内部治理与公司绩效的相关性。第六部分根据前文的理论分析、现状分析和实证检验，得出了本文的基本研究结论。 关键词:上市证券公司，内部治理，公司绩效，相关性 Abstract As an institutional arrangement of the corporate governance, its aim is to define the relationship between the main shareholders of the company, distribute the company income to all the factor owners, make the company’s strategies and solute the management problems. Thus, the corporate governance involves to stakeholders’ interest relationships, which determine the development directions and Performance of companies. The listed securities companies are major participants and organizers in China’s capital market. First as financial intermediaries，they play very important role in financing and resource allocation in stock market; other，as the listed company，most of them became the listed company by backdoor listing or restructured listing. In China，the listed securities companies have special characteristics. Researching the relationship between internal governance and corporate Performance is he1pful to improve the internal governance，increase operational efficiency and make the capital markets more stable and developed quickly. The paper is divided into six parts. The first part introduced the research status of corporate governance and corporate performance and the research significance of this paper. The second part is overview stock company listed on the formation and development. The third part multi-angle analysis listed securities company’s internal governance status in China. The fourth part according to relevant theories and r