为了有效地衡量我国上市公司治理效率,以公司绩效作为治理效率的测评指标,利用公司治理效率和治理因素之间的因果关系以及治理因素与测评指标之间线性关系的实证分析结果,建立了以股权结构、董事会效率、公司治理效率、经营水平、利益相关者作用为结构变量、与每个结构变量对应的10个测评指标为观测变量的测评模型。 利用2005 年我国上市公司748 个样本数据,确定出公司治理效率与各个测评指标之间的权重,提供了我国上市公司治理效率的测评方法。
Measurement of corporate governance efficiency is very important for improving the corporate performance. Based on the relationship among the corporate governance efficiency and the four key indieators influenced on the corporate performance, a econometrics model of corporate governance efficiency is set up, which is taken ownership structure, directorate efficiency, management level, and stakeholder function as structure variables and their measurable indicators as observable variables. An empirical research for Chinese Public Company is done by means of the multivariable linear regression analysis, in which 748 sample data are collected from a survey of 1103 Chinese enterprises in 2005. The regression analysis results show that the shares of former 5 shareholders, the size of directorate board, the nmnbers of independent director, and manager tenures are key characteristics for measurement corporate governance efficiency.