汽车类上市公司治理对财务绩效影响的实证研究

An Empirical Study on Financial Performance of Auto Corporate Governance

公司治理是提高汽车上市公司财务绩效的关键性策略。由于中国证券市场的非完备性,公司治理的功能严重缺失。基于我国汽车上市公司治理的相关数据,以净资产收益率、每股净收益和净资产增长率作为财务绩效指标,借助于多元回归分析,经验性的研究揭示了汽车上市公司治理对财务绩效的促进机理,发现了独立董事治理和经理层治理对财务绩效存在着正向的促进作用,信息披露和股东大会监督的功能存在着不确定性,监事会的功能处于缺失状态,从而为我国汽车上市公司治理机制的改进提供了现实性的理论借鉴。

The corporate governance of listed companies is the key strategy to improve the financial performance of automobile listed corporate.Due to the non-completeness of Chinese securities market,the function of corporate governance is shortcoming seriously.Based on data of China's automobile corporate governance,regarding the return on equity,earnings per share and net asset growth as financial performance indicators,and by means of multivariate regression analysis,empirical studies reveal the promoting mechanism of automobile listed corporate governance in financial performance,and finds that the governance of independent directors and managers has a positive promoting role on financial performance,and the functions of shareholder's meeting is uncertainty,and the function of supervisory board is in the absence,which may provide a realistic theory reference for China's automobile listed companies to improve governance mechanism.