中国上市公司“行业性”治理的实证研究

Empirical Analysis on "Different Governance for Different Trades" of China's Listed Companies

文章用主成分分析的方法得到了衡量公司业绩的综合指标,以此作为因变量,而以股权治理因子(包括国有股,流通A股,第一大股东,股权集中度等)为解释变量,进行了回归分析。采用涉及机械、金属、批发、石油四大行业共231家上市公司的有关数据,进行了回归分析和假设检验,其结论是:不同的行业即使类似的股权结构也有着不同的治理效果,目前中国上市公司的治理应该遵循“行业性”。

With the principal component method this paper got the integrate indicator of companies performance. Taking this as the dependent variable, and stock - ownership factors （include state - owned stock,circulating A - Share, the biggest shareholder and the degree of concentration of stock - ownership, etc. ）, as independent variables, the author carries out a regression analysis. The data analyzed in the regression analysis were collected from 231 listed companies of four major sectors such as machinery, metal, whole- sale and oil.Through the regression analysis and hypothesis testing, author concluded that there were different results of governance even for the different sectors with similar stock - ownership structure; the governing of the listed companies in this country should follow “Different Governance for Different Trades” principle at present.