公司治理结构对蓝筹股收益率影响研究

Study on the Impact of Corporate Governance to Blue Chip Stock Returns

本文以沪深300指数中的197家上市公司为样本,对其公司治理结构和收益率的关系进行多元回归分析,分析得出公司董事会规模和独立董事比例分别与收益率呈现U型关系,股权集中度、国有股比例均与收益率负相关。研究结果还表明:公司规模扩大、业绩好是蓝酬股价在牛市中高涨和熊市中抗跌的基本点;大多数蓝酬股收益率不高,其董事会结构并没有暗示股价长期、稳定、高速升值的空间;当股权分散和国有股比例下降,投资者参与度增加引致收益率提高;外资股权也没有得到大众投资者长期追捧,长期收益率与外资股权比例不相关。

On the basis of 197 listed companies of China Shanghai Exchange and Shenzhen Stock Exchange, the paper mainly studies the relationship between corporate governance and the stock price. The research result is that U relation presents be- tween the board of directors and the stock price ratio, and between the proportion of independent directors and the stock price ratio. The shareholder concentration degree and state-owned stock proportion are separately inverse correlation with stock price ratio. Additionally, the paper puts forward that the expanding scales and good achieves are points of increasing in bull market or anti-dropping in bear market; most of the price ratios of the blue chips are not high, and their board structures can＇t suggest the stocks＇ long-term, stable, rapid appreciation of the space. When shareholder or state-owned stock proportion declines, in- creased participation of Investors caused high-value ratio of shares. Foreign ownerships have not been long sought after, the long-term price ratio and the proportion of foreign ownerships don＇t related.