基于内生性的公司治理效率与公司绩效间的关系

The Relationship between Corporate Governance Efficiency and Companies' Performance:Based on Endogeneity

本文以2006-2011年983家上市公司为样本,运用主成分分析得到了衡量公司综合绩效的指标,然后通过因子分析法得到了公司治理因子,基于公司治理因子与公司绩效的回归结果,运用主成分分析法得到了衡量公司治理效率的指标。研究了在不考虑内生性情况下和考虑内生性情况下公司治理效率与公司绩效间的关系,得到如下结论:(1)公司治理效率与公司绩效有显著的正相关关系;(2)公司治理效率与公司绩效间存在内生性问题。

We select 983 listed companies as samples ranging from 2006 to 2011. We use the principal component analysis method to get the company’s compre hensive performance. Then the factor analysis method is used to get the factors of corporate governance. Based on the result of the regression between the factors of corporate governance and the company’s performance, we use the principal component analysis method to get the index to measure the efficiency of corporate governance.We study the relationship between the efficiency of corporate governance and company’s performance, with and without endogeneity. At last, we get the conclusion：（a） The efficiency of a company’s governance has a positive correlation with the company’s performance;（b）There is endogeneity problem between the efficiency of company’s governance and the company’s performance.