本文设计了中小企业治理评价指标体系,并对100家县域中小企业的治理状况进行了评价.结果显示中小企业治理指数平均值仅为33.57。实证分析表明,中小企业治理指数不能够显著解释每股收益和净资产收益率;同时也发现,第一大股东持股比例、董事会是否设立、总经理薪酬结构等对企业绩效也没有显著的影响,中小企业治理结构与机制的建立仅仅是形式上所为,最后据此给出提升中小企业治理水平的政策建议。
The paper designed the SME governance evaluation index system, and 100 county SMEs governance quality were evaluated. The results show that SMEs governance index average is only 33. 57. Empirical analysis tells us that the index can not explain significantly earnings per share and returns on equity. The proportion of shares held by the first major shareholder, the establishment of hoard and incentive methods of managers have no significant impact on performance. SMEs governance structure and mechanism is in form. Policy recommendations to promote governance are offered.