国有上市公司治理转型、治理要素提炼与公司绩效

发布时间：2018-12-24 12:21

【摘要】：国有企业的公司治理改革呈现出由传统的行政型治理向经济型治理演进转型的过程。选取2005-2009年持续经营的国有上市公司为样本,构建了行政型治理指数;进而对行政型治理与公司绩效的关系从不同维度进行了分析。研究结果显示,行政型治理度对公司绩效产生负面影响。其中,国有股权集中度是行政型治理"负效应"的"主要贡献者";而政府经营政治化、高管人员的政治联系则在一定程度上有利于公司绩效的提升;最后,揭示了行政型治理对公司绩效的作用路径,行政型治理度越强,资产利用效率越低,进而影响到公司绩效的提升。相关结论有利于政府作为公司重要外部监管力量来界定监管和干预的边界;为探索党组织嵌入公司治理的有效途径提供了一定的理论基础。
[Abstract]:The reform of corporate governance of state-owned enterprises presents a process of transition from traditional administrative governance to economic governance. In this paper, we choose the state-owned listed companies in the period of 2005-2009 as the sample to construct the administrative governance index, and then analyze the relationship between administrative governance and corporate performance from different dimensions. The results show that the degree of administrative governance has a negative impact on corporate performance. Among them, the state-owned equity concentration is the "main contributor" of the "negative effect" of the administrative governance, while the politicalization of the government management and the political connection of the executives are beneficial to the improvement of the company's performance to a certain extent. Finally, the paper reveals the action path of administrative governance on corporate performance. The stronger the degree of administrative governance is, the lower the asset utilization efficiency is, and then the improvement of corporate performance is affected. The relevant conclusions are helpful for the government as an important external regulatory force to define the boundaries of supervision and intervention and provide a theoretical basis for exploring the effective ways of embedding party organizations into corporate governance.
【作者单位】：英大国际信托有限责任公司;
【分类号】：F276.6;F832.51

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