上市公司财务治理水平影响因素的实证分析

摘要

With a sample of Chinese listed firms in 2010, we empirically investigate the factors that affect the level of financial governance of Chinese listed firms. We find that state control, employing Big 4 accounting firms, cross listing among governance factors, and age, scale, region and industry among characteristics factors have significant effect on the quality of financial governance. Other factors show insignificant effect on the level of financial governance. The results are important for improving financial governance and ultimately increasing the governance level of Chinese listed firms.%以2010年中国上市公司为样本，利用构建的财务治理指标体系，实证检验可能影响上市公司财务治理水平的因素。结果发现治理因素中国有公司、聘用四大会计事务所和多市场上市，特征因素中年龄、规模、地区和行业对公司财务治理质量有显著影响。而其他因素对财务治理水平没有显著影响。研究结果对进一步改善财务治理水平，并最终提高中国上市公司治理水平有重要意义。