公司外部治理机制对企业绩效的影响研究

Research on Influence of Corporate External Governance Mechanism on Enterprise Performance

公司治理和企业绩效一直被学术界和务实界所重视,但对于公司外部治理机制对企业绩效的影响研究却比较少。本文以2009年和2010年沪深两市的制造业公司为研究样本,构建了衡量外部治理机制的指标体系,采OLS检验外部治理机制与企业绩效之间的关系。研究结果显示制造业上市公司外部治理参与者中债权人与企业绩效具有显著的负相关关系,而供应商、雇员、外部审计及政府监管与企业绩效具有显著的正相关关系,客户对企业绩效的影响不显著。

Corporate governance and enterprise performance has always been the importance by academic and practical circles. But research of the influence of corporate external govemance mechanism on enterprise performance is less. This paper chooses the manufacturing listed companies both in Shanghai and Shenzhen Stock Exchanges during the period of 2007 and 2009 as the research samples, constructs a measure system of external governance mechanism, uses OLS testing the relationship between the external govemance mechanism and the enterprise performance. The results show that creditors have significant negative correlation with enterprise performance, suppliers, employees, external auditing and supervision of government has a significant positive correlation with enterprise performance, and the customer＇s impact on corporate performance is not significant.