中国中小板、创业板上市公司治理研究(2015)

Evaluating the Corporate Governance at the Level of the Companies Listed in SME Board and ChiNext

以深圳证券交易所中小板、创业板上市公司全部样本为评价对象,文章从股权结构与股东权利、董事会和监事会运作、信息披露与合规以及激励机制四个方面系统地考察中小上市公司治理现状、特征和存在的问题,以期引导处于高速成长阶段的上市公司完善公司治理,并为其他广大中小企业的发展提供借鉴和参考。研究结果显示,上市公司治理水平与公司绩效存在正相关关系,实际控制人为自然人的公司业绩比实际控制人为非自然人的公司业绩相比有更出色的表现,激励机制是影响上市公司业绩的重要影响因素。

Using the data of the companies listed in SME Board and Chi Next as objects,this paper examines the smalland-medium-sized companies governance level,characteristics and existing problems systematically from the ownership structure and the rights of shareholders,the operation of director boards and of supervisor boards,the information disclosure and compliance,and the incentive mechanism,so as to guide the listed companies to improve corporate governance which are in the stage of rapid growth,and provide reference for other smalland-medium-sized enterprises to develop.The results show that there is a positive correlation between the level of corporate governance and corporate performance,that the companies whose actual controllers are natural persons have better performance than the companies whose actual controllers are non-natural persons,and that the incentive mechanism is one of the important in? uence factors affecting the performance of the listed companies.