摘要
基于2007—2013年中国电力行业上市公司面板数据,从互动作用的视角,综合运用格兰杰因果关系模型和分位数回归模型实证检验公司治理与公司绩效之间的关系。研究结果表明:不仅公司治理水平会影响公司绩效,公司绩效的提升也会通过声誉传递机制被债权人等外部利益相关者所获取,从而有效提升公司治理效率。研究结论为后续相关研究提供新的思路,也为中国上市公司以绩效为导向的公司治理机制改革提供科学依据。
The paper has an empirical test on the interactive relationship between corporate governance and corporate per- formanee using Grainger Causality Model and Quantile Regression Model based on the panel data of electric power listed companies from 2007 to 2012. The results show that not only the level of corporate governance will influence the corporate performance but also the corporate performance conversely would influence the corporate governance by reputation mecha- nism, which is a closed circulation function loop between the corporate governance and corporate performance.
出处
《科技管理研究》
CSSCI
北大核心
2015年第12期203-207,213,共6页
Science and Technology Management Research
关键词
公司治理
公司绩效
互动关系
电力行业
corporate governance
corporate performance
interactive relationship
electric power industry
