公司治理效率影响因素的结构方程模型分析-中国公司治理网.docVIP

公司治理效率影响因素的结构方程模型分析 Yu Fu-feng1 ,Song Li 2 1 School of Management, Shenyang University of Technology, P.R.China, 110023 2 School of Management, Shenyang University of Technology, P.R.China, 110023 摘要：在借鉴公司治理已有研究成果的基础上，对影响公司治理效率的因素进行整理与归纳，总结出公司治理效率的影响因素有股权结构、内部治理、外部治理、治理文化，用公司业绩、利益相关者关系、信息披露质量来反映公司治理效率，并建立了公司治理效率与其影响因素之间的结构关系模型。数据收集采用问卷调查的方法，在数据处理过程中，使用相关分析和结构方程建模的技术并借助SPSS和LISREL软件对模型进行了实证检验。研究结果表明，影响因素中对公司治理效率的影响程度大小依次为公司内部治理、股权结构、治理文化、公司外部治理。公司内部治理与公司治理效率正相关，股权结构与公司业绩负相关，与信息披露质量负相关，治理文化与公司业绩负相关，与利益相关者关系和信息披露质量正相关。最后讨论了实证结果的现实意义。 关键词：公司治理效率，影响因素，结构方程模型 Abstract: Based on the current study on corporate governance,we arrange the factors affecting the corporate governance efficiency and summarize that the factors affecting the corporate governance efficiency are shareholding structure, internal corporate governance, external corporate governance, corporate governance culture,We choose corporate performance, the relationship between stakeholders, quality of information disclosure to reflect the corporate governance efficiency, and construct a structural equation modeling between the corporate governance efficiency and its factors. In our research, according to questionnaire survey we get the data, in the process of treating with data, we use correlation analysis, structural equation modeling techniques，employ SPSS and LISREL doing empirical test. The results show that the factors affecting the efficiency of the corporate governance are internal corporate governance, ownership structure, corporate governance culture, external corporate governance in sequence. The internal corporate governance and the efficiency of corporate governance is positively relevant, shareholding structure is negatively relevant with the quality of information disclosure and the corporate performance. The corporate governance culture is negatively relevant with the corporate performance ,and is positively relevant with the relationship between stakeholders,the quality of information disclosur