领导权结构与财务业绩实证分析——基于国有上市公司的研究

The Empirical Research of the Leadership Structure of China's State-owned Companies and Financial Performance

本文以沪、深A股国有上市公司为研究对象,分析了国有企业领导权结构与长期和短期财务业绩的关系。研究发现:董事长、总经理分任型的的国有上市公司主要财务指标优于兼任型的国有上市公司;分任型的领导机制更有利于促进国有上市公司长期财务业绩的提升,而对于短期财务业绩的促进作用不显著。

Based on the data from China A-share listed state-owned companies,we use fixed effects model and multiple linear regression model to analysis the relationship between the state-owned enterprise leading system and the long-term and short-term financial perforance.The results show that:the state-owned listed companies whose general manager and Chairman of the Board are hold by the different people are better than the companies whose general manager and Chairman of the board are hold by the same person:that general manager and Chairman of the Hoard are hold by the different people is help to promote the long-term financial performance,while effect of promoting short-term financial performance is not significant.