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与当前探讨公司治理与公司绩效关系的大多数文献不同,本文基于随机前沿分析方法构建模型,实证考察我国上市公司治理对公司效率的作用。研究结果发现,我国上市公司股权治理、董事会治理、监事会治理及管理层激励等内部治理机制对公司效率具有显著影响;而除了公司控制权市场对公司效率具有显著影响外,我国产品市场竞争、公司债权治理以及法律基础和中小投资者利益保护等外部治理机制对公司效率的作用不显著。基于研究结论,本文认为上市公司应从“绩效导向(注重利润结果)理念”向“效率导向(注重资源配置过程)理念”转变,并提出进一步提升我国上市公司效率的政策建议。
Different from most of the current literature on the relationship between corporate governance and corporate performance, this paper builds a model based on stochastic frontier analysis to empirically examine the role of corporate governance in listed companies in corporate efficiency. The results show that the internal governance mechanisms of listed companies in our country such as equity governance, board governance, board of supervisors governance and management incentives have a significant impact on the efficiency of the company. Besides the significant impact of the corporate control market on the company’s efficiency, the competition in China’s product market, Debt governance and the legal basis and the protection of small and medium-sized investors and other external governance mechanisms on the company’s efficiency is not significant. Based on the conclusion of the study, this paper argues that the listed company should shift from the idea of “performance-oriented (focusing on profit)” to “efficiency-oriented (focusing on resource allocation)” and put forward some policy suggestions to further enhance the efficiency of China’s listed companies.