摘要
转轨经济中的中国上市公司行政型治理逐步弱化,然而制度环境还很难适应高度的经济型治理,适当的政治关联度会在一定程度上弥补制度环境的不完善。本文利用权利距离对样本公司前十大股东进行赋值并用持股比例进行调节,以此界定上市公司的政治关联度,并对政治关联度和绩效之间的关系进行了分析。研究结果表明:上市公司的政治关联度呈逐步降低的趋势;东部地区上市公司的政治关联度较低,中西部地区上市公司的政治关联度较高;国家控制行业的上市公司的政治关联度较高,竞争激烈行业的上市公司的政治关联度较低;整体上来看,上市公司的政治关联度与绩效之间存在倒U型关系。
Proper degree of administrative governance is helpful to make up the shortfall of institution environment to some extent,in turn improving the corporate performance.In this paper,the authors measure the administrative governance degree by endowing the first ten biggest shareholders value taking advantage of power distance,and adjusting it according to the proportion of shares held by them.The authors analyze the administrative degree and corporate performance by gathering the data of eight years.The results indicate that： 1）the administrative governance degree decreases with the time,2）in the eastern area,where the economy is well developed,this degree is low,while in the western area,it is higher,relatively,3）the degree of administrative governance in industries under the control of the governance is high,while in the competitive industries,it is lower relatively,4） generally,the relation between administrative governance degree of listing companies and corporate performance is reverse U shaped.
出处
《山西财经大学学报》
CSSCI
北大核心
2010年第9期80-88,共9页
Journal of Shanxi University of Finance and Economics
关键词
中国上市公司
公司治理转型
政治关联度
公司绩效
Chinese listed company
the transition of corporate governance
administrative governance degree
corporate performance
