公司内部治理与公司价值——来自制造业上市公司的经验数据

Internal Governance and Company Value Based on Empirical Data of Listed Manufacturing Companies

通过筛选并构建上市公司内部治理水平的评价指标体系,将其作为解释变量;以反映公司价值的指标作为被解释变量,运用典型相关分析的方法对上市公司内部治理与市场价值的关系进行实证研究,结果表明,公司治理与公司价值之间呈显著相关关系。管理费用率、股权集中度和董事会规模是影响公司价值的主要因素。要提升企业价值,企业必须合理规划股权结构,控制消费开支。而适当扩大董事会规模也可以提升公司的价值。

Through sorting out and constructing evaluation index system on internal governance of listed companies, taking it as an ex- plaining variable, and the index reflecting company value as an explained variable, the author applies canonical correlation analysis to research the relationship between internal governance of listed companies and market value, and the research shows that there is significant correlation between company governance and value. Management expense ratio, ownership concentration and board size are main factors affecting company value. The enterprise must plan ownership structure rationally, control consumption expenditure, and expand board size appropriately to improve enterprise value.