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中国30多年的改革开放,既是从计划经济向市场经济的转型过程,也是国有企业从行政型治理向经济型治理的演进过程。文章运用数据标准化和主成分分析法构建模型,从7个维度对沪、深两市连续6年在市的362家国有上市公司进行了指数化评价,并把行政型治理指数划分为4级,分别验证了不同等级行政型治理对国有上市公司绩效的影响。结果表明:国有上市公司行政型治理程度总体呈不断弱化的趋势,不同行业和地区国有上市公司的行政型治理程度具有较大差异i行政型治理对国有上市公司绩效的影响具有两面性,在稳定的经济环境中行政型治理太强和太弱都不利于公司绩效的提高,一定程度的行政型治理能有效提高公司绩效:在动荡的经济环境中强的行政型治理能显著提高公司绩效。这对政府及其决策机构直观的把握国有上市公司的公司治理改革,具有参考意义。
The 30-year reform and opening up in China is not only the transition from planned economy to market economy, but also the evolution of state-owned enterprises from administrative governance to economical governance. The article uses data standardization and principal component analysis to build the model, evaluates the 362 state-owned listed companies in Shanghai and Shenzhen for six consecutive years in seven dimensions, and divides the administrative governance index into four levels, Respectively verify the impact of different levels of administrative governance on the performance of state-owned listed companies. The results show that the degree of administrative governance of state-owned listed companies tends to be weakened continuously, and the degree of administrative governance of state-owned listed companies in different industries and regions is quite different. The impact of administrative governance on the performance of state-owned listed companies is twofold, In the economic environment, administrative governance is too strong and too weak, which is not conducive to the improvement of corporate performance. A certain degree of administrative governance can effectively improve corporate performance: strong administrative governance in a volatile economic environment can significantly improve corporate performance. This has direct reference to the government and its decision-making organs in grasping the corporate governance reform of state-owned listed companies.