基于Ohlson会计评价模型的公司治理评价研究

Corporate Governance Evaluation Based on Ohlson's Model

正确评价公司治理水平不仅有助于深化和丰富公司治理理论,为定量研究公司治理与其他经济指标的关系奠定基础,而且有利于上市公司清醒认识和合理优化其公司治理结构,也为监管当局制定公司治理相关准则提供支持。在以往研究的基础上,从公司治理的价值效应出发,利用Ohlson会计评价模型以及包含公司治理整体水平信息的线性动态过程,提出新的公司治理评价指标的构建方法和指标模型自洽性的证明方法;采用经验数据构建2006年和2007年样本公司的公司治理评价指标,该指标通过了模型自洽性和指标有效性检验,且具有明确的理论含义,说明所提出的公司治理评价指标的构建方法不仅合理可行,而且比较精炼,有利于实际的运用。

Evaluating objectively the level of corporate governance not only contributes to deepening the theory of corporate governance and laying the foundation for researching quantificationally the relationship between corporate governance and other economic indices,but also helps listed companies to assess and optimize the corporate governance structure as well as provide support for regulatory authority to institute a group of rules of corporate governance.Based on the previous studies,a new method for constructing corporate governance index and a proof method of self-consistency are proposed in terms of value effect of corporate governance with the use of Ohlson′s model and the new linear information dynamic（LID） containing the information of corporate governance.The corporate governance indices for the sampling companies in the year of 2006 and 2007 which are self-consistent in theory and valid in practice are constructed by the new method with the empirical data.The new method for constructing corporate governance index not only has a solid theory foundation,but also provides a good research perspective and bases for follow-up research and in corporate governance practices.