以2000—2012年房地产上市公司为样本,从微观视角分析股权结构、董事会治理、高管激励对企业绩效的影响,发现房地产上市公司治理对企业绩效的影响整体上显著;采用因子分析法构造公司治理综合排名指标G1和企业绩效综合排名指标JX,从宏观视角审视公司治理与企业绩效之间的关系,发现房地产上市公司治理综合排名提高会导致企业绩效显著上升。
With the real estate listed corporations as a sample from 2000 to 2012,this paper makes an analysis on the impact of ownership structure,board governance,executive incentive on firm performance from micro perspective. The results show that that the corporation governance has a significant influence on firm performance. With corporate governance ranking index G1 and firm performance ranking index JX as factor analysis method,this paper makes a review on the relationship between corporate governance and firm performance from macro perspective. The results find that promoting the corporate governance ranking would bring significant positive effect to firm performance.