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公司治理特征与公司绩效之间的关系一直是理论研究和实证分析的焦点。DEA方法在公司治理与企业绩效之间的关系分析中的应用已受到越来越多的关注。本文选取2012~2015年我国制造业上市公司数据,运用主成分分析和混合DEA模型来剖析公司治理和公司效率之间的关系。输入变量是固定资产的净值、员工数量和公司治理,而输出变量是总收入和税前利润。对于国有和非国有制造业上市企业,公司治理是一个重要的影响公司效率的因素。研究结果表明:国有和非国有制造企业可以通过有效地使用员工、固定资产和改进公司治理来提高效率;而低效的公司治理是国有与非国有上市制造业企业效率低下的主要原因;同时,由于过度的公司治理,国有企业的低效率远高于非国有企业,这表明非国有企业的公司治理效率高于国有企业。
The relationship between corporate governance characteristics and corporate performance has always been the focus of theoretical research and empirical analysis. The application of DEA method in the relationship analysis between corporate governance and business performance has drawn more and more attention. This article selects the data of Chinese listed manufacturing companies from 2012 to 2015, and uses principal component analysis and mixed DEA model to analyze the relationship between corporate governance and corporate efficiency. Input variables are the net worth of fixed assets, the number of employees and corporate governance, and the output variables are total revenue and profit before tax. For state-owned and non-state-owned manufacturing listed companies, corporate governance is an important factor that affects the efficiency of the company. The results show that state-owned and non-state-owned manufacturing enterprises can improve their efficiency through effective use of staff, fixed assets and improvement of corporate governance. However, inefficient corporate governance is the main reason for the inefficiency of state-owned and non-state-owned listed manufacturing enterprises. Owing to excessive corporate governance, the inefficiency of state-owned enterprises is much higher than that of non-state-owned enterprises, which shows that non-state-owned enterprises have higher efficiency of corporate governance than state-owned enterprises.