关于订约环境对公司治理影响的实证分析——来自亚洲四地区的经验数据研究

Demonstrative analysis of contract signing enviornment's influence on cooperate govenance——research from Asia four district's data

公司治理的最终表现往往是多种内外因素共同作用而产生的结果。本文重点考察了订约环境即包括一国对股东保护立法和实施的总体水平,公司的资产状况,公司的成长机会以及公司规模对公司治理的影响状况,并且基于亚洲四地区的经验数据,对以上因素进行了回归分析。最后得出,在订约环境中,宏观的法律的规范、完备和高效实施相较于其他微观的因素起到了更加重要的作用。

The performance of corporate governance is decided by a variety of internal and external factors. This article focuses on corporate governance how to effect by the contracting environment which includes a country＇s legislation to protect the right of shareholders and the implementation of these laws, the company＇s asset condition, the company＇s growth opportunities and the company＇s size. Based on the experience data of four Asian regions, we conducted a regression analysis of the above factors and get the conclusion： in the contracting environment, the macro-legal norms, complete and efficient implementation compared to other micro-factors has played a more important role of effecting the corporate governance.