中小企业治理结构与企业竞争力相关性实证研究

Study on the relativity between small and medium enterprises governance structure and enterprise competitiveness

运用典范分析的方法,提出中小企业治理结构与企业竞争力之绩效水平有一定相关假设。典范分析认为中小企业治理结构第一典范对企业竞争力绩效第一典范变异有一定预测作用,得出股权适度集中(包括前10大股东持股和流通股前10大股东持股比例)、董事和高管持股比例、独董人数、独董津贴、对董事的激励(前3名董事报酬额)等指标与企业治理结构绩效水平有正相关的结论。

This paper uses canonical analysis method. It puts forward hypothesis about the interrelation between the governance structure of small and medium enterprises and performance level of enterprise competitiveness. By these analysis, the first canonical of the former can affective the variation of the latter,but the latter cannot. The appropriate growth of variable indexes is helpful to improve the level of enterprise＇s governance structure. These indexes include moderate concentration of ownership scale and structure, shareholding proportion of direct and senior ＇manager, external governance, the incentive of top management and so on. The authors come to the conclusion that the governance structure of small and medium enterprises can improve the performance level of enterprise competitiveness, especially the function of the Tobin＇s Q.