中国上市公司治理对技术效率的影响——来自中国制造业上市公司的经验证据

Effect of Corporate Governance on Technical Efficiency for Chinese Listed Companies:An Empirical Study

已有的公司治理文献主要是研究上市公司的绩效、治理结构以及投融资决策等问题,而对上市公司治理与技术效率关系的关注较少。本文基于我国制造业上市公司面板数据构造模型,实证检验了公司治理对技术效率的影响关系。本文的研究表明:第一,股权治理与公司技术效率之间的关系因行业而异,第一大股东持股比例、前三大股东持股比例以及是否国有控股对公司技术效率的影响与行业特征有关;第二,债权治理与公司技术效率之间存在正相关关系,即公司偿债能力越强、融资能力越强,公司技术效率则越高;第三,董事会治理,即董事会规模、独立董事比例以及董事长与CEO的两职合一与公司技术效率之间的关系因公司所处行业以及公司自身特性而异;第四,经营管理层报酬与公司技术效率之间的关系显著为正,经营管理层持股比例对公司技术效率的影响因行业而异;第五,公司控制权市场竞争和产品市场竞争有助于提高公司技术效率,法律基础及中小投资者利益保护机制的完善对于提高公司技术效率具有积极作用。基于研究结论,本文还从公司治理视角就如何提高我国上市公司技术效率提出了政策建议。

Current literature of corporate governance mainly focuses on problems such as corporate performance,governance structure,investment-financing decision making. Relationship between corporate governance and technical efficiency has not yet attracted researchers' attention. This paper constructed an econometric model and empirically studies the relationship between corporate governance and technical efficiency of China's listed companies based on the panel data. Main conclusions of the paper are as follows. (1) The relationship between equity management and technical efficiency varies from trade to trade. (2) The stronger debt solvency and debt financing ability are,the greater technical efficiency is. (3) The relations of directorate management to technical efficiency differ in different trades. (4) There is a significant positive relationship between managerial compensation and technical efficiency,while managerial share proportion has different effects on technical efficiency in dissimilar trades. (5) The market competition in corporate control and product sales is significantly positively associated with technical efficiency and the perfection of law basis and protection of medium and small investors' interests are positively associated with technical efficiency. Based on the above conclusions,this paper put forward relevant policy suggestions from the perspective of corporate governance for enhancing technical efficiency of Chinese listed companies.