公司治理结构与多元化投资——来自中国上市公司的经验证据

Corporate Governance and Diversification Investment:Empirical Evidences from Chinese Listed Companies

对2008年我国上市公司公司治理结构对多元化投资的影响进行实证研究后发现:股权集中度与多元化程度显著负相关;国有股比例和法人股比例与多元化程度负相关,但不显著。董事会规模、独立董事人数和两职合一状态与多元化投资不具有显著的相关性;董事会会议次数与多元化程度显著正相关;高级管理层持股比例与多元化程度相关性不显著;资产负债率与多元化程度正相关,但不显著。

The empirical research on listed companies in 2008 shows that： there is a strong negative correlation between the ownership concentration and the propensity of diversification;the percentage of state-owned shares and corporation stocks is inversely related to the propensity of diversification,but the correlation is not very significant;the scale of the board,the percentage of independent directors as well as CEO duality and the shareholding of board is related to the propensity of diversification,but the correlation is not very significant;there is strong positive correlation between the number of board＇s meeting and diversification;the ratio of manager shareholdings is not significantly related to the propensity of diversification significantly;the debt ratio is positively related to the propensity of diversification.