乳制品上市公司治理结构与绩效关系研究.docVIP

乳制品上市公司治理结构与绩效关系研 究 康海琪刘芳何忠伟 北京农学院经济管理学院/北京新农村建设研宄基地 摘要： 以2012—2015年7家乳制品上市公司数据为棊础，运用层次分析法和熵权法得 出绩效评价体系中各指标权重，以此衡量乳制品上市公司综合绩效。从股权结 构、董事会、监事会及高级管理人员等方面，运用面板数据模型实证研究乳制品 上市公司治理结构对综合绩效的影响。固定效应模型研究结果表明：股权集中度 与公司综合缋效呈不显著负相关关系，股权制衡度与公司综合缋效显著正相关; 董事会规模与公司综合绩效呈不显著负相关关系：前三高级管理人员薪酬与公司 综合绩效不显著正相关;独立董事比例与公司综合缋效正相关但不显著，监事会 规模与公司综合绩效显著正相关；W有控股公司综合绩效不显著优于非W有控股 的企业。 关键词： 治理结构;层次分析法;熵权法;而板数据模型;乳制品上市公司; 作者简介：康海琪（1990—），女，河北张家口人，硕士，主要研允方向为都市 型现代农业。E-mail:kanghaiqi@yeah. net; 作者简介：何忠伟（1969—），男，湖南永兴人，博士，教授，主要研究方向为 都市型现代农业、农业技术经济。E-mail :hzw28@126. com 收稿日期：2017-03-17 基金：2013年度国家自然科学基金面上项目 Relationship between Governance Structure and Performance of Dairy Products Listed Companies Kang Haiqi Liu Fang He Zhongwei Economics ManagementSchoo1, Beijing University of Agriculture;Research Base of Beijing New Rural Construction; Abstract： Based on seven dairy products listed companies data during 2012-2015，the authors used Analytic Hierarchy Process (八HP) and entropy weight method to get the index weight of performance evaluation system, as a measure of comprehensive performance of dairy products listed companies. From the ownership structure, the board of directors, the board of supervisors and senior managers, the panel data model was used to make an empirically study on the impact of the governance structure of dairy listed companies on the comprehensive performance. The results from fixed effects model (FEM) showed that the concentration of ownership had no significant negative correlation with the company’s comprehensive performance, while the balance of ownership was significant positively related to the company’s comprehensive performance; there was no significant negative correlation between the size of the board of directors and the company’s comprehensive performance; the positive relationship between the top three senior managers salary and the company’s comprehensive performance was not significant; the independent sensible proportion was positively related to the company’s