摘要
股权分置改革是中国资本市场的根本性变革,大量的研究分析都一致肯定了其正面作用。那么,股权分置改革是否提高了上市公司治理水平?本文采用主成分分析法构建了包括控股股东、董事会、经理层、信息披露四个维度的公司治理指数(CGI),并研究了股权分置改革对公司治理指数的影响。实证研究发现:①股权分置改革能够显著提高上市公司的公司治理水平;②在公司治理的四个维度中,股权分置改革对控股股东的影响最显著;③终极产权为国有和股权集中的公司,其改善公司治理的动机更强,公司治理水平得到更大的改善;④考虑股权分置改革进度的影响,进一步控制样本的自选择问题后,本文发现股权分置改革的效应正逐步体现出来,已实施股权分置改革的公司比尚未实施股权分置改革的公司在公司治理水平上有更大的提高。
The split-share structure reform cause a fundamental change to China＇s capital market. Many researches have unanimously affirmed its positive role. Whether the split-share structure reform has improved the corporate governance of China＇s listed companies？ Using the principal component analysis, we construct the Corporate Governance Index （CGI） including the controlling shareholder, board of directors, managers, the information disclosure in four dimensions, then we analysis the role of the split-share structure reform on Corporate Governance Index. The empirical results find that： ①The split-share structure reform has significantly improved the corporate governance of listed companies; ②Within the four dimensions of corporate governance, the split-share structure reform have the most notable influence on the controlling shareholder; ③Those companies having the ultimate ownership of the state-owned shares and those companies having the concentrated ownership have a bigger improvement on corporate governance; ④Considering the stage of the split-share structure reform, after we control the self-selection of the sample, we find the effects of the reform are gradually manifested, those companies implemented the reform have a bigger improvement on corporate governance than those companies haven＇t implemented it.
出处
《中国工业经济》
CSSCI
北大核心
2008年第5期99-108,共10页
China Industrial Economics
关键词
股权分置改革
公司治理指数
主成分分析法
split-share structure reform
corporate governance index
principal component analysis
