中国上市公司的治理改进:2002-2006

Governance Improvements of Listed Companies in China from 2002 to 2006

文章以2002年和2007年我国上市公司的自查报告为基础,选择了18个指标构建了公司治理指数,并以此对我国上市公司的治理状况及其5年间的改进程度进行了综合评价。结果显示,治理指数与公司价值显著正相关,治理指数每上升1点,公司价值约增加0.3个百分点;5年间上市公司的治理水平有明显改进,这种改善总体上会带来公司价值的提升,但这一结论存在一定的内生性。进一步研究表明,上述治理改进的效果是股东权利、董事会与监事会、公司独立性和内控与激励机制等治理机制共同作用的结果。文章还发现,公司风险程度、融资需求、外部市场化水平、兼并或借壳上市等公司特征在一定程度上驱动了上市公司的治理改进。

The paper constructs corporate governance index by using 18 indicators from the self-inspection reports of China＇s listed companies in 2002 and 2007 and explores the governance situations of listed companies and their improvements during these five years. It shows that there is a significantly positive relationship between corporate governance index and firm value. The 1 unit increase of corporate governance index results in the 0. 3% increase of firm value. The governance level of listed companies has been obviously improved, leading to the increase of firm value. But this idea is en- dogenous to some extent. Furthermore, the governance improvements aforementioned are the result of the co-effects of four governance mechanisms （ownership, boards of directors and boards of supervisors, company independence, internal control and incentive mechanisms）, especially the three former mechanisms.