上市公司并购融资方式与治理绩效研究

Empirical Analysis on the Relationship between MYA Financing and Governance Performance of Listed Companies

采用资产负债率、内源融资率、股权融资率等指标来反映公司的融资方式,利用主成分分析方法构建一个指标体系来衡量公司治理绩效,对2007年发生并购的沪深上市公司的融资方式与治理绩效之间的关系进行回归分析。研究结果揭示出不同的融资方式在相当程度上影响着企业的治理绩效。

By using the indicators such as the rate of assets and liabilities,the rate of internal financing, equity financing ratio to describe the financing mode, we built an indicator system to measure the corporate governance performance by the principal component analysis. We analyzed the relation between the financing mode and governance performance through the listed companies that took place mergers and acquisitions in 2007 by regression method. The study results revealed that different financing modes affect the corporate governance performance to some extent.