公司治理对我国上市公司退市的影响研究

A Study of the Impact of Corporate Governance on Delisting of Listed Companies in China

按照同时期、同行业和规模相近的原则配对出我国主板市场1999—2019年的89家退市公司和89家健康公司,以这些公司为研究样本,借助Logistic回归方法研究公司治理对我国上市公司退市的影响。结果表明,董事会人数和高管人数对上市公司退市具有显著的影响,而董事会持股比例、两职合一状况、高管持股比例以及管理层持股比例对上市公司退市在一定程度上具有影响。

According to the principle of the same period,the same industry and similar scale,89 delisting companies and 89 health companies in China’s main board market from 1999 to 2019 are matched.Taking these companies as the research samples,the influence of corporate governance on delisting of listed companies in China is studied by means of logistic regression method.The results show that the number of directors and executives have a significant impact on the delisting of listed companies,while the shareholding ratio of the board of directors,the integration of two positions,the shareholding ratio of executives and the shareholding ratio of management have an impact on the delisting of listed companies to a certain extent.