摘要
公司治理结构与公司绩效之间的关系一直是经济学界和企业理论界研究的热点问题,完善的公司治理结构不仅是现代企业制度的重要框架,而且是企业增强竞争力和提高企业绩效的必要条件。公司绩效是公司治理水平和健全与否的最有效和最直接的反映,河北省自1994年威远生化股份有限公司上市以来,截至到2008年底已有36家上市公司,河北省上市公司治理结构并不是十分完善,但公司治理结构对公司绩效的影响又是显而易见的。基于此,本文研究河北省上市公司治理结构与公司绩效的关系,以期能够对河北省上市公司治理结构的改善提出合理的建议。
对于公司治理结构与公司绩效的关系,国内外学者从不同的角度作了大量的研究。本文首先对以往国内外研究进行了回顾,并对公司治理结构与公司绩效的相关理论进行了阐述,然后以河北省上市公司2006年到2008年的数据为样本,分析了河北省上市公司治理结构与公司绩效的现状,选取了十个影响公司治理结构的指标,如国有股比例、董事会规模、董事会行为、前三名管理人员平均薪酬等指标,采用净资产收益率、托宾Q值两个绩效指标,利用SPASS12.0统计软件对样本数据通过向后筛选法进行了回归分析,探讨对公司绩效有影响的因素,并用统计检验判别影响是否显著。最后根据河北省上市公司治理结构的状况对完善公司治理结构,提高公司绩效的提出了一些建议。
The relationship of Corporate governance structure and corporate performance has been the study of hot issues between the economic circles and the theory of the firm, the good corporate governance structure is not only an important framework for the modern enterprise system, but also the necessary conditions for enhancing the competitiveness of enterprises and improving the business performance. Company performance is the most directed reflection to the level and of corporate governance and perfecting or not, since 1994 Weiyuanshenghua Co., Ltd. has been listed, Hebei Province had 36 listed companies at the end of 2008, Corporate Governance structure of Hebei Province is not perfect, but the impact of the corporate governance structure on corporate performance is obvious. Based on this, this study governance structure of listed companies in Hebei Province and the relationship between corporate performance in order to be able to Hebei Province to improve the governance structure of listed companies reasonable proposal.
For the relationship of the corporate governance structure and corporate performance , the domestic and foreign scholars made a lot of research from different angles. This paper firstly reviewed the previous study that was carried out at home and abroad, and corporate governance structure and corporate performance related theories were expounded. Then this paper analyzed status of Corporate Governance Structure and Corporate Performance which based on the sample data of Hebei Province from 2006 to 2008.This paper selected 10 indicators which influnenced the corporate performance ,such as the proportion of state-owned shares, board size, behavior of board, the average salaries of The top three management personnel and so on, and the net asset rate of return, Tobin's Q values of two performance indicators, what used statistical software SPASS12.0 carried on the regression analysis through backward selection method to explore the company's performance influential factors, then it used statistical tests determine whether the impact of significant. Finally, according to the status of governance structure of listed companies in Hebei Province, it put forward some suggestions for perfecting the status of corporate governance structure and improving corporate performance.
引文
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