终极控制股东两权偏离与企业绩效:公司治理的中介作用

Rights Departure of Ultimate Controlling and Firm Performance:The Mediating Effect of Corporate Governance

基于2004年～2006年中国上市公司截面数据，应用回归分析的方法，系统考察终极控制股东两权偏离、公司治理与企业绩效间的互动机理，检验公司治理在两权偏离与企业绩效关系中的中介效应。研究结果显示，终极控制股东两权偏离对公司价值具有显著的负向效应，其负向效应随终极控制股东现金流权比例的提高而趋于降低；终极控制股东两权偏离对公司治理具有显著的负向效应，其负向效应随终极控制股东现金流权比例的提高而趋于降低；公司治理对公司价值具有显著的正向效应，其在终极控制对公司价值的作用机制中具有显著的中介效应，中介效应占总效应的比例超过50％，终极控制股东现金流权比例的提高会降低公司治理的中介效应。基于实证分析结果，最后为优化公司治理提出相应的政策建议。

Using the data of Chinese listed companies from 2004 to 2006, with the method of regression analysis, the paper explores an empirical study on relation-ship among rights departure of ultimate controlling, corporate governance and firm performance, and tests the mediation effect of corporate governance. Some important results are ： rights departure of ultimate controlling has a significant negative impact on the firm＇s performance, and the effect declines with the rising of cash-flow rights. Rights departure of ultimate controlling has a significant negative impact on the corporate governance, and the effect declines with the rising of cash-flow rights. Corporate governance has a significant positive effect on corporate performance, and a significant mediating effect on the affecting mechanisms between rights departure and firm performance, and the effect declines with the rising of cash-flow rights. Finally, the paper provides some proposals to improve corporate governance in ultimate-controlled companies.