我国上市公司治理效率测评模型跟实证资料.pdf

　2008 年 12 月 系统工程理论与实践 第 12 期 　 ( ) 文章编号 2008 我国上市公司治理效率测评模型及实证 刘玉敏 (郑州大学 商学院 ,郑州 450052) 摘要 : 　为了有效地衡量我国上市公司治理效率 , 以公司绩效作为治理效率的测评指标 ,利用公司治理 效率和治理因素之间的因果关系以及治理因素与测评指标之间线性关系的实证分析结果 ,建立了以股 权结构 、董事会效率 、公司治理效率 、经营水平 、利益相关者作用为结构变量 、与每个结构变量对应的 10 个测评指标为观测变量的测评模型. 利用 2005 年我国上市公司 748 个样本数据 ,确定出公司治理效率与 各个测评指标之间的权重 ,提供了我国上市公司治理效率的测评方法. 关键词 : 　股权结构 ;董事会效率 ;公司治理效率 ;测评指标 中图分类号 : 　F2766 　　　　　　　　文献标志码 : 　A 　　　 Measurement model of corporate governance efficiency and empirical research for Chinese public company L IU Yumin (Business School , Zhengzhou University , Zhengzhou 450052 , China) Abstract : 　Measurement of corporate governance efficiency is very important for improving the corporate performance. Based on the relationship among the corporate governance efficiency and the four key indicators influenced on the corporate performance , a econometrics model of corporate governance efficiency is set up , which is taken ownership structure , directorate efficiency , management level , and stakeholder function as structure variables and their measurable indicators as observable variables. An empirical research for Chinese Public Company is done by means of the multivariable linear regression analysis , in which 748 sample data are collected from a survey of 1103 Chinese enterprises in 2005. The regression analysis results show that the shares of former 5 shareholders , the size of directorate board , the numbers of independent director , and manager tenures are key