上市公司治理结构与资本运营的耦合协调度评价研究

本文在阐述治理结构与资本运营相关理论的基础上,建立二者的耦合协调度和相对发展模型,以中证100指数的上市公司为样本,对二者的耦合协调等情况进行实证研究。实证结果表明,二者耦合协调度均值处于勉强协调类型,行业间差距较大,多数公司存在不同程度的治理水平或资本运营水平滞后,其中尤以资本运营水平滞后为主。最后提出完善建议:树立耦合协调发展的新理念;加快资本市场发展步伐;促进资本运营模式的多样化;完善公司内部治理结构;改进公司外部治理结构。

Firstly the paper describes the theory of governance structure and capital operation. Secondly it establishes the model of coupling coordination degree and relative development, and then uses CSI 100 of listed companies as samples to carry on the empirical research of coupling coordination. The empirical results show that the average of coupling coordination degree is forcibly of the coordination type, with a large gap between industries and different levels of governance or lagging oper- ating levels of most companies, especially in capital operation level. Finally it suggests that we should set up the new idea of coupling coordination development, speed up the pace of development of capital market, promote the diversification of capital operation mode, improve the internal governance structure, and optimize the external governance structure.