外部治理环境与公司内部治理结构效应比较

Comparison of Effects of External Institutional Environment and Internal Corporate Governance Impact on Firm Value

本文以深沪两市1039家上市公司2001—2005年的严格平衡面板数据作为样本.实证分析了外部治理环境的不同程度和公司内部治理结构的不同安排对公司价值的影响效应,并分行业细分了这种影响效应的差异。实证回归的结果发现。在外部治理环境当中只有法治化水平对总体样本的上市公司价值有显著的影响作用.而在公司内部治理结构当中则证实了正U型的股权结构效应。此外.外部治理环境与公司内部治理结构对公司价值的影响效应会因行业而有所差异。然而。从整体上看.前者的效应都明显地小于后者。研究结果表明。对于中国特殊的证券市场环境而言。同样存在着公司内部治理结构的合理安排可以作为公司价值保护机制的可能性。

This paper analyses the different effects of external institutional environment and internal corporate governance impact on finn value, using the strong balance panel data of 1039 listed companies from 2001 to 2005 in China. The results suggest that during the institutional enviroment only the degree of law has significant impact on the firm value in the whole listed companies. And it demonstrates the U-shape effect of ownership structure in the internal coporate governance. Ahhought the effects of the external institutional environment and internal corporate governance impact on firm value are different from each other and vary with the industries, the total results show that corporate governance matters more, which means that there is the possibility that the proper arrangements in internal coporate governance can work as one of the mechanisms to improve the firm value.