农业上市公司治理结构与竞争力关系研究

Corporate governance and competence in agri-listed companies

选取2002—2006年中国农业上市公司的数据,研究农业上市公司治理结构和竞争力的关系。实证分析结果表明:(1)股权结构方面,第一大股东持股比例和农业上市公司竞争力呈倒U型关系,第二至第十大股东持股比例和农业上市公司竞争力正相关,国有控股对农业上市公司竞争力有着显著的负面影响;(2)董事会特征对农业上市公司竞争力的影响较小;(3)高管激励机制方面,尽管统计上并不显著,高管人员的薪酬和农业上市公司竞争力之间仍然呈现了一定的负向联系,而高管人员持股比例和企业竞争力呈显著的倒U型关系。

Using data of Chinese agri-listed companies from 2002 to 2006, this paper studies the relationship between corporate governance and competence in agri-listed companies, and tries to provide a theoretic basis for their structural adjustment. The main empirical findings are as follows ： First, the curve of prima stockholder pro- portion and agri-listed companies′ competence is inverse-U, the total proportion of the second to the tenth stock- holder has a positive relationship with agri-listed companies′ competence, while state-owned has a negative one. Second, the board characteristics have little influence on agri-listed companies′ competence. And the last one, although unapprent in statistics, the pay of top-management has a negative influence on agri-listed companies′ competence, while the curve of top-management stockholder proportion and agri-listed companies competence is apparently inverse-U.