中文摘要：

基于2006-2015年煤炭行业32家上市公司的非平衡面板数据,从微观、宏观两个层面研究公司治理结构对企业绩效的影响。微观层面分别从股权结构、董事会治理、高管激励三个角度分析治理结构对企业绩效的影响;宏观层面将公司治理、企业绩效各指标用因子分析法分别合成为综合指标,研究治理结构对绩效的影响。研究发现：控股股东持股比例、董事会规模、会议次数以及企业规模对绩效有显著的正向影响,高管持股价值和资产负债率与企业绩效呈显著负相关,公司治理结构整体上与绩效显著正相关,科学完善的公司治理结构有助于绩效提升。

英文摘要：

Based on the unbalanced panel data of 32 listed companies in coal industry from 2006 to 2015, this paper analyzed the influence of governance structure on company performance from micro and macro aspects. The micro level was analyzed, respectively from the ownership structure, board governance and executive incentive of governance structure on the impact of corpo rate performance, the macro level indicated corporate governance and corporate performance, which were synthesized as acom prehensive index, by factor analysis method, and study the effects of corporate governance on performance. The study found that the proportion of controlling shareholders, board size, the number of meetings and the scale of enterprise had a significantly positive effect on performance, executive stock ownership and asset liability ratio had significantly negative correlation with corporate performance. A scientifically sound corporate governance structure helps to improve company performance.