生命周期视角下企业治理效率的动态研究

Research on the Influencing Factors of the Governance Efficiency of Listed Companies——Based on the Perspective of Enterprise Life Cycle

本文以我国沪深两市A股上市公司为样本,从企业生命周期的动态视角,运用数据包络分析法,研究企业在不同发展阶段的治理效率问题,并在此基础上,运用生产前沿面进一步分析在企业生命周期的不同阶段影响企业治理效率的主要因素。结果表明:在生命周期内我国上市公司治理效率逐渐提升并且影响企业治理效率的主要因素是股权激励;而在生命周期不同阶段各要素之间的权重比例不同,相比于初创期,成长期和成熟期投入要素之间的权重区别在于独立董事比例大于管理费用,衰退期投入要素的差异体现在股权制衡大于监事会规模。

Taking the listed companies of Shanghai and Shenzhen stock market as samples, this paper uses data envelop- ment analysis （DEA） to research on the different stages of enterprise development corporate governance efficiency from the dynamic view of enterprise life cycle perspective. On the basis of this,the main factors that influence the efficiency of corporate governance at different stages of enterprise life cycle are further analyzed. The results show that the main factors affecting the efficiency of the governance efficiency of listed companies in China in the life cycle are equity incentive. Between all the elements in the different life cycle stages of different weight ratio, initial, maturation and decline of the main factors affecting the difference is not big, growth executive shareholding stake is greater than the board of directors.