上市公司治理结构对绩效的影响研究——基于煤炭行业非平衡面板数据

发布时间：2018-05-25 15:07

本文选题：煤炭行业 + 公司治理　；参考：《中国煤炭》2017年06期

【摘要】：基于2006-2015年煤炭行业32家上市公司的非平衡面板数据,从微观、宏观两个层面研究公司治理结构对企业绩效的影响。微观层面分别从股权结构、董事会治理、高管激励三个角度分析治理结构对企业绩效的影响;宏观层面将公司治理、企业绩效各指标用因子分析法分别合成为综合指标,研究治理结构对绩效的影响。研究发现:控股股东持股比例、董事会规模、会议次数以及企业规模对绩效有显著的正向影响,高管持股价值和资产负债率与企业绩效呈显著负相关,公司治理结构整体上与绩效显著正相关,科学完善的公司治理结构有助于绩效提升。
[Abstract]:Based on the non-equilibrium panel data of 32 listed companies in coal industry from 2006 to 2015, this paper studies the influence of corporate governance structure on corporate performance from micro and macro aspects. At the micro level, the influence of governance structure on corporate performance is analyzed from three angles: ownership structure, board governance and executive incentive. At the macro level, the corporate governance and corporate performance indicators are synthesized into comprehensive indicators by factor analysis. To study the effect of governance structure on performance. It is found that the proportion of controlling shareholders, the size of the board of directors, the number of meetings and the size of the enterprise have significant positive effects on the performance, while the value of senior management stock and the ratio of assets and liabilities are negatively correlated with the performance of the firm. Corporate governance structure as a whole is significantly positively related to performance, and scientific and perfect corporate governance structure is helpful to improve performance.
【作者单位】：西安科技大学管理学院;白求恩医务士官学校;
【基金】：国家软科学研究计划(2013GXS4D151) 国家自然科学基金青年科学基金项目(71303184) 陕西省软科学研究计划(2015KRM005)
【分类号】：F271;F406.7;F426.21

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