基于DEA方法的上市公司财务治理效率评价

Evaluation on the Efficiency of Financial Governance of Listed Companies under Split Share Structure Reform by Data Envelope Analysis

股权分置改革对中国资本市场和上市公司的影响深远。通过几年的实施,上市公司的财务治理发生了根本性的变化。为了衡量股权分置改革对上市公司财务治理的影响,使用数据包络分析法(DEA方法)计算评价公司财务治理的效率,明确影响财务治理的主要因素:机构持股,第一大股东持股,债权人治理,高管薪酬,独立董事制度。它们分别从财务治理结构、财务治理机制等方面影响财务治理效率,应成为公司改善财务治理的着手点。

The split share structure reform is a major institutional change of China＇scapital market, which has a long and great influence on China＇s capital markets and listed companies. Through years of implementation, the effects of share reform policies had been gradually released, and the listed company＇s financial governance has un- dergone fundamental changes. In order to measure the impact of financial governance on share reform of listed com- panies, by the use of DEA, calculation and evaluation of the efficiency of financial governance, the paper clearly indicates the main factors that affect the financial governance： institutional ownership, the largest shareholders, creditors, executive compensation, independent directors, which influence the efficiency of financial governance from the financial governance structure and mechanisms, therefore, they should be the starting point to improve fi- nancial governance efficiency .