乳制品上市公司治理结构与绩效关系研究

Relationship between Governance Structure and Performance of Dairy Products Listed Companies

以2012—2015年7家乳制品上市公司数据为基础,运用层次分析法和熵权法得出绩效评价体系中各指标权重,以此衡量乳制品上市公司综合绩效。从股权结构、董事会、监事会及高级管理人员等方面,运用面板数据模型实证研究乳制品上市公司治理结构对综合绩效的影响。固定效应模型研究结果表明:股权集中度与公司综合绩效呈不显著负相关关系,股权制衡度与公司综合绩效显著正相关;董事会规模与公司综合绩效呈不显著负相关关系;前三高级管理人员薪酬与公司综合绩效不显著正相关;独立董事比例与公司综合绩效正相关但不显著,监事会规模与公司综合绩效显著正相关;国有控股公司综合绩效不显著优于非国有控股的企业。

Based on seven dairy products listed companies data during 2012-2015, the authors used Analytic Hierarchy Process（AHP） and entropy weight method to get the index weight of performance evaluation system, as a measure of comprehensive performance of dairy products listed companies. From the ownership structure, the board of directors, the board of supervisors and senior managers, the panel data model was used to make an empirically study on the impact of the governance structure of dairy listed companies on the comprehensive performance. The results from fixed effects model（FEM） showed that the concentration of ownership had no significant negative correlation with the company’s comprehensive performance, while the balance of ownership was significant positively related to the company’s comprehensive performance; there was no significant negative correlation between the size of the board of directors and the company’s comprehensive performance; the positive relationship between the top three senior managers’ salary and the company’s comprehensive performance was not significant; the independent sensible proportion was positively related to the company’s comprehensive performance, but not significant, and the scale of the board of supervisors was significantly positively related to the comprehensive performance of the company; the comprehensiveperformance of state-owned holding was not significantly better than that of non-state holding enterprises.