融资约束、治理结构与上市公司经营绩效——基于Panel-VAR模型对中国制造业的实证研究

发布时间：2018-06-13 23:14

本文选题：融资约束 + 治理结构　；参考：《福建论坛(人文社会科学版)》2012年11期

【摘要】：文章采用Logit二元回归、主成分分析和判别分析等方法分别测算了融资约束系数、治理结构系数以及经营绩效系数,并在此基础上利用Panel-VAR模型实证了中国制造行业230家公司融资约束、治理结构与经营绩效的关系,结果表明:首先,就融资约束而言,上市公司所面临的融资约束程度的下降能明显地改善其经营绩效,也即融资约束的资本结构论在本文中得到支持而没有证据表明代理成本论可以成立;再者,在治理结构中,前十大股东持股比例、独立董事比例与上市公司经营绩效负相关,而董事会人数、前三名高管薪酬与上市公司经营绩效正相关;最后,对当前经营绩效产生最大影响的因素,既不是融资约束也不是治理结构,而是上年度的经营绩效水平,这反映出了上市公司在经营发展过程中的延续性和稳定性等特征。
[Abstract]:This paper uses logit binary regression, principal component analysis and discriminant analysis to calculate the financing constraint coefficient, governance structure coefficient and management performance coefficient, respectively. On this basis, the Panel-VAR model is used to demonstrate the relationship between financing constraints, governance structure and operating performance of 230 companies in Chinese manufacturing industry. The results show that: first, as far as financing constraints are concerned, The decline in the degree of financing constraints faced by listed companies can significantly improve their operating performance, that is, the capital structure theory of financing constraints is supported in this paper without evidence that agency cost theory can be established; furthermore, in the governance structure, The proportion of the top ten shareholders and the proportion of independent directors are negatively correlated with the operating performance of the listed company, while the number of the board of directors and the compensation of the top three executives are positively correlated with the operating performance of the listed company. Finally, the factors that have the greatest influence on the current operating performance, It is neither financing constraint nor governance structure, but the performance level of last year, which reflects the continuity and stability of listed companies in the process of operation and development.
【作者单位】：黎明职业大学工商管理系;北京师范大学经济与工商管理学院;
【分类号】：F224;F425;F832.51

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