新疆上市公司治理结构与绩效的相关性研究

The Relevance Research of Xinjiang Listed Companies' Corporate Governance and Company Performance

以2001～2005年新疆上市公司为样本,综合考察了股权结构、董事会特征与高管激励对公司绩效的影响,发现股权集中度与公司绩效正相关,董事长与总经理两职合一与公司绩效正相关,董事会规模与绩效成倒U型关系,独立董事比例与绩效成负向关系;高管激励不论是采用年薪的方式还是采用股权激励都未通过显著性检验。考虑到公司内部治理结构与绩效的互动关系,还检验了治理结构的内生性问题,Granger因果关系检验发现公司治理结构对绩效有促进作用,但未发现绩效对治理机制的反馈作用。

Based on 2001-2005 xinjiang listed companies as a sample,at first,the paper choose the internal governance mechanisms of the three main aspects to consider comprehensively , then take them and performance to regress ,found： the concentration of ownership is positively related with corporate performance, but the nature of the first major shareholder is the state- owned shares which has no significant related correlation with corporate performance ; The combination of board chairman and managing director is positively related with corporate performance, the board size has a U-shaped relationship with corporate performance , and the proportion of independent directors has a negative relationship with the performance; but the incentives for executives, regardless of the method which used a salary or equity don＇t through the significant test. Then consider the internal governance mechanisms and the performance of the interactive relationship, but Granger causality test found internal governance mechanisms to promote the performance and found the performance don＇t feedback on the governance mechanisms ,that is ,there isn＇t exist endogenous between the governance mechanisms and the performance.