中小企业版上市公司治理评价实证研究.docVIP

中小企业版上市公司治理评价实证研究 郝臣 博士研究生 南开大学公司治理研究中心 地址：天津市南开区卫津路94＃ 邮编：300071  中小企业版上市公司治理评价实证研究 摘 要：针对我国目前还没有中小企业板公司治理评价系统的现状，依据中小企业版上市公司的特点，在借鉴国内外公司治理评价系统的基础上，设置了专门针对中小企业版上市公司的治理评价指标体系。所构建公司治理评价指标体系由四级，共29个定性与定量评价指标组成。一级指标是中小企业版上市公司治理指数，这是评价系统的根指标；二级指标包括股东会治理指数、董事会治理指数、监事会治理指数和经理层治理指数。并建立治理评价指数模型，采用基于AHP的多级指标综合评价方法对2004年中小企业版上市公司治理状况进行客观评价，评价结果显示公司治理指数平均值为57.737。选择托宾Q值、每股收益、净资产收益率等10个常用反映公司绩效的财务指标进行因子分析，并求出反映上市公司综合绩效水平的公司绩效指数。公司治理指数及四个分指数均与公司绩效指数正相关，同时也检验了基于29个基层指标的假设。建立了以公司治理指数、公司成立时间和资产规模为自变量，公司绩效指数为因变量的回归方程，回归方程拟合优度相对较高，调整后的R2为0.511。最后提出进一步提高中小企业版上市公司治理水平的对策建议。 关键词：中小企业版；公司治理评价；指标体系；公司绩效 Empirical Research on the SMEs Board Listed Companies’ Corporate Governance Appraisal Abstract：According to the status and quo of the small and medium-sized enterprises (SMEs) board listed companies’ corporate governance, the paper designed the indexes on the base of learning the existing corporate governance appraisal index system, then the article appraised the corporate governance level of the SMEs board listed companies using the indexes and do some empirical research. The index system includes four grades and 29 indexes. The first grade of the system is the SMEs board listed companies’ corporate governance indexes (CGISMEBLC); the second grade is composed of shareholders’ meeting governance index (SMGISMEBLC), board of directors governance index (BDGISMEBLC), board of supervisors corporate governance index (BSGISMEBLC), managers layer governance index (MLGISMEBLC). The paper drawn on the comprehensive appraisal method based on AHP and builds index model. The appraisal result shows that the mean of CGISMEBLC is 57.737.By the use of factors analysis method, the article extracted the three components and worked out the corporate performance index (CPI) with the Tobin Q, earnings per share (EPS), return on equity (ROE), and so on, ten financial indexes to reflect the whole performance level of companies. All the indexes are positively related to CPI. The article validated t