投资风险规避下公司治理指数评价体系构建

Construction of Corporate Governance Index Evaluation System under Risk Aversion

目前国内部分上市公司治理架构存在缺陷,因此也在一定程度上加剧了资本市场中的投资不确定性,继而损害投资者们的利益。文章从多角度构建公司治理指数分析公司治理对股票投资风险的影响机制,研究发现公司治理水平与股票投资风险呈现负相关。进一步地从管理层权力的角度进行研究,使用残差法构建异常管理层权力指标后将其作为中介变量,结果显示公司治理机制部分通过抑制异常管理层权力来降低股票投资风险。

At present,the governance structure of some listed companies in China has defects,which,to a certain extent,aggravates the uncertainty of investment in the capital market,and subsequently damages the interests of investors.This paper constructs corporate governance index from multiple perspectives to analyze the impact mechanism of corporate governance on stock investment risk.The research finds that the level of corporate governance is negatively related to the risk of stock investment.Further research conducted from the perspective of management power by using residual method to build abnormal management power index as an intermediary variable,shows that corporate governance mechanism reduces the risk of stock investment partly by restraining abnormal management power.