公司治理與公司績效關係之實證研究—以中國大陸上市公司為例

The empirical research between Corporate Governance and corporate governance~China listed company

施吉潤(Chi-Jung Shih)

指導教授 ： 洪榮華

國立中央大學/管理學院/企業管理學系碩士在職專班/碩士(2010年)

摘要

本研究探討中國上市企業之公司治理與公司績效的關聯性，其中，公司治理變數包括負債比例、國家持股比重、內部人持股比重，及國內/外國機構投資人持股比重，而公司績效指標則為股東權益報酬率(ROE) 、資產報酬率(ROA) 、每股盈餘(EPS) 、總資產週轉率、Tobin’s Q等。
研究結果顯示，負債與公司績效有顯著的非線性關聯，但方向並不明確；國家持股與績效有極大的正關聯性；國內機構投資人持股比重與績效有顯著關聯性，而外國機構投資人方面則與績效關聯不明顯；內部人持股比重與績效呈非線性關係。

關鍵字

負債比例 ； 公司治理 ； 國家持股 ； 內部人持股 ； 外國機構投資人持股 ； 國內機構投資人持股

並列摘要

This research examines the relationship between corporate governance mechanisms and firm performance for Chinese listed companies. We focus on four corporate governance mechanisms: Debt Ratio, State Ownership, Managerial Ownership、Domestic/Foreign Institution Ownership. The five proxies to measure the firm performance including ROE, ROA, EPS, Total Asset Turnover ratio and Tobin’s Q.
The empirical results show that there is a significant none-linear-relationship between debt ratio and firm performance as well as between insider and firm performance. In addition, the relationship between state ownership and firm performance is positive, and that between domestic institutions and firm performance is significant. Finally, there is no significant relationship between foreign institutions ownership and firm performance.

並列關鍵字

Managerial Ownership ； Domestic/Foreign Institution ownership ； State ownership ； Debt Ratio ； Corporate Governance

參考文獻

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