摘要
本文从财务治理的角度对我国上市公司的治理绩效进行了实证研究。研究表明我国上市公司股东治理机制在1%置信度下显著发挥作用,资本市场的外在治理机制在10%的置信度下发挥作用,股权结构对我国企业的治理绩效有影响,但债权治理机制在统计意义上对业绩没有影响,表明我国上市公司债权软约束现象依然存在。
The empirical analyses have been carried on from the perspective of financial governance to the financial performance of listed company. Indicating for the first time that the shareholder governance of listed company of our country play an important role notably under the confidence degree of 1%, the external governance mechanism functions of the capital market realize fewer than 10% of the confidence degree. The stockholder structure influence the financial performance of enterprise of our country, but creditor＇s governance mechanism have no effect on financial performance statistically, which indicates that soft budget restrain phenomenon of creditor＇s rights in listed company of our country still exists.
出处
《上海管理科学》
2007年第3期28-30,共3页
Shanghai Management Science
关键词
财务治理
软预算约束
治理机制
Financial governance
Soft budget restrain
Governance mechanism
