以沪深两市2004—2009年上市公司为研究对象,深入研究了中国各地区制度环境差异对公司绩效的影响以及上述影响在不同产权性质公司间的差异。研究表明:市场化程度促进了公司绩效的提高,政府干预损害了公司绩效,金融发展水平提高了资本配置效率,促进了公司绩效;随着法律环境的改善,公司绩效不断提高。与国有控股公司相比,民营公司更需要制度环境的保护,制度环境的改善对民营公司绩效的促进作用相对更大。这一研究结果不仅丰富了国内外学者对公司绩效影响因素的经验研究,而且有助于深入理解中国上市公司整体绩效水平不高的制度根源。
By taking listed companies in Shanghai and Shenzhen stock exchanges from 2004 to velopment; with the improvement of legal environment, the better of the corporate performance. Compared with state controlled firms, private companies need more institutional environment pro- tection, so the improvement of institutional environment has relatively larger impact on private companies. The paper not only enriches related studies on corporate performance at home and abroad, but also helps to deeply understand the institutional roots of the low corporate performance in China.