我国上市公司治理制度变迁实证研究.docVIP

我国上市公司治理制度变迁实证研究 　　摘要：本文通过建立一个联立方程模型系统分析框架，采用股改前2001至2006年200家上市公司1200个样本与股改后2007至2011年922家公司4610个样本数据，分别采用三阶系统估计方法进行估计。实证结果表明：股改前股权集中度、管理层持股与公司绩效互不相关，股改后股权集中度、管理层持股与公司绩效正向互动，说明股改前公司治理机制与公司绩效关系是一种静态均衡，股改后公司治理机制与公司绩效达到一个新的动态均衡。支持了中国企业的改革过程交织着政府选择外部规则和社会成员选择内部规则的双重秩序演化路径的观点。 　　关键词：公司治理制度变迁；公司治理机制；公司绩效 　　中图分类号：F271.5文献标识码：A文章编号2015oi：10.11847/fj.34.3.46 　　An Empirical Study on the Corporate Governance Institutional Changeof Chinese Listed Companies 　　――Based on Data Samples Analysis of Chinese Listed Companies from 　　2001～2011 Before and After the Nontradable Shares Reform 　　DU Mian1， SHAO Huan1， GU Liang2，3 　　（1.School of Business， Shantou University， Shantou 515063， China； 2.Postdoctoral Research Center， Institute of Finance and Banking， Chinese Academy of Social Science， Beijing 100028， China； 3.Postdoctoral Working Station， China Securities and Regulatory Commission， Beijing 100033， China） 　　Abstract：This paper establishes an analytic framework of simultaneous equations based on causality. It adopts 1200 data samples from 200 Chinese listed companies during the year 2001 to 2006 before the Nontradable shares reform and 4610 data samples Chinese listed companies during the year 2007 to 2011 after the Nontradable shares reform. 3SLS system estimation of simultaneous equations are respectively done to show the differences of two set data before and after Nontradable shares reform. It is found that： Firstly， ownership concentration and firm performance does not affect each other， managerial ownership and firm performance does not affect each other before the Nontradable shares reform. Secondly， ownership concentration and firm performance affect each other positively， managerial ownership and firm performance affect each other positively after the Nontradable shares reform. This shows that the mechanism of corporate governance and corporate performance relationship is a kind of static equilibrium before the Nontradable shares reform， but c