高科技上市公司治理机制与公司综合价值关系的实证研究

The Empirical Studies on the Relationship between Enterprises Governance Mechanisms and Company Comprehensive Value in High Technology Listed Companies of China

通过对中国高科技上市公司治理与由主成分分析得出的综合价值指数的实证研究表明:董事会持股、董事长兼任总经理、高层管理薪酬、年度股东大会出席率与公司价值显著正相关,独立董事比例与公司价值显著负相关,资产负债率与公司价值显著负相关;需根据高科技上市公司的特殊情况优化公司治理机制,以提高公司价值。

Based on the empirical studies about governance mechanism and company comprehensive value of high technology listed companies of China through main ingredient analysis, it draws a conclusion that stock share of board of directors, the chairman holding concurrently the position of general manager, the salary payment of high-grade director, participating rate of year shareholders＇ general meeting have notable relation to company value, the proportion of independent director and the ratio of liabilities to assets have notable negative relevance to company value. So governance mechanism of high technology company needs to be further perfect to improve company value.