公司治理与公司价值跨期替代性实证研究

Research on Corporate Governance and Corporate Value Based on Simultaneous Equations and Dynamic Endogeneity

文章在跨期内生性视角下,通过创新性构建公司治理综合指数和采用面板数据联立方程组模型及3SLS估计方法,实证检验了我国上市公司治理与公司价值之间的关系。结果发现总体上公司治理与公司价值之间存在着跨期内生性,各治理要素内部存在着直接或间接的替代关系;在控制其他影响因素后,公司治理指数每增加1个单位,当期公司价值就增加11.5%,下一期变动7.9%。

Recent empirical researches have been examining the association between corporate governance and corporate value in China at one single corporate governance mechanism and without proper consideration or reflection of the endogeneity and dynamics in corporate governance structure. The literature review shows that corporate governance not only endogenous but also dynamic in impact corporate value. In this paper, we construct a broad corporate governance index by the using of principal component analysis. Based on it we develop a system of simultaneous equations and apply dynamic panel 3SL$ model. Our results support the widespread hypothesis of a positive relationship between corporate governance and corporate value. An increase in our corporate governance index score by 1 causes, an increase of the corporate value by roughly 11.5% this year and 7.9% next year.