中小上市公司资本结构、公司治理与企业绩效

Capital Structure,Corporate Governance and Firm Performance of Small and Medium-Sized Listed Companies

基于2003年至2009年A股市场381家中小上市公司的面板数据,分析了资本结构、公司治理对企业绩效的影响。我们发现,债务约束与中小上市公司的企业绩效总体上是显著的负相关关系,并且这种相关性的方向与控股人性质密切相关。我们还发现,两职合一、国有控股、股权集中度等与企业绩效是正相关的,独立董事的引入可能会降低中小上市公司的绩效。另外,薪酬激励与股权激励都是有效的,同时应当缩小管理层内部的薪酬差距。

Based on the panel data of small and medium-sized companies listed on A-share market from the year 2003 to 2009,the paper analyzes the effect of capital structure and corporate governance on firm performance.In general,debt constrains are negatively related to firm performance.And the relationship between them is closely dependent on the nature of the controller.The empirical result implies the positive relationship between firm performance and some corporate governance mechanisms,such as duality of CEO and COB,state-controlled,and ownership concentration.Independent directors may do harm to the firm performance of small and medium-sized listed companies.Compensation incentive and equity incentive are both effective.Meanwhile,the gap among managers should be reduced.