公司治理和破产关系的理论与实证研究——基于董事会结构和国有股比例的分析

Theoretic and Empirical Research on Relationship between the Corporate Governance and Bankruptcy——Based on the Board Structure and Stated—owned Shares Percentage

本文应用代理模型系统地论述了公司治理与破产之间的关系,并在理论分析的基础上,基于中国上市公司的样本数据,运用实证方法直接对董事会结构和国有股比例等公司治理变量与破产(而不是财务困境)之间的关系进行了研究。研究结果表明:公司治理变量对公司破产有显著的解释和预警作用,但是,公司治理发挥作用的程度和用于预警的信息含量具有一定的时效性;公司治理变量与公司破产之间的关系比较复杂,但是国有股持股比例对公司破产概率有显著的影响,要注意董事长—总经理的两职合一与较低国有股持股比例的交叉作用对上市公司价值所可能带来的负面影响。

This article applies the agency model to explore the relationship between the corporate governance and bankruptcy. Based on the theoretic analysis, the paper then use the L-R Logistic statistic method to examine the relationship assumption with Chinese listed corporation sample data. The study shows that corporate governance variables are prominently associated with the probability of bankruptcy, whereas the association would be complex. Among the Chinese corporate governance structure indicators, the state-owned shares percentage is prominently related to the bankruptcy, and we should be cautious to the negative impact of the interaction between jointly held CEO/board chairperson roles and relatively low state-owned shares percentage.