航空公司治理结构对公司绩效影响的实证研究

Empirical research on relationship between airlines governance structure for corporate performance

选取2006—2011年中国上市航空公司作为研究样本,从公司内部治理机制出发,实证研究公司治理结构对公司绩效的影响。选取公司治理结构和公司绩效指标,利用因子分析法计算公司绩效综合得分,结果显示:航空公司独立董事比例和前3名高管薪酬之和对公司绩效的影响在0.01的水平上显著;前5名股东持股比例、国有股比例、董事会规模、高管持股比例对公司绩效的影响不显著;最后,根据结果提出建议。

China＇ s listed airlines from 2006 to 2011 are selected as research samples. The empirical researches on the re- lationship between corporate governance structure and corporate performance are more from industry-wide. Firstly, corporate governance structure indicators and corporate performance indicators of the listed airlines are selected ; factor analysis is employed on the comprehensive evaluation of corporate performance ; then, multiple regression analysis is used. The results show that airlines proportion of independent directors and the top three executive remuneration are significant at the 0.01 level for company perfbrmance;the top five shareholders who hold the proportion of shares, the proportion of state -owned shares, the size of the board and the executives＇ stake have no effect on the company＇ s performance. Recommendations based on the results are finally proposed.