市场化程度、公司治理与企业绩效关系研究

摘要

以中国 A 股上市公司2009－2011年数据为样本，实证检验市场化程度、公司治理与企业绩效之间的关系。研究结果表明，随着公司治理结构的优化，企业代理成本降低、代理效率提高，表现为企业绩效的改善。同时发现，这种变化在外部市场化程度不同的企业中会呈现不同的特征。具体而言，在中国目前的制度背景下，要改善企业绩效，上市公司应结合其外部市场化进程，推行差异化的治理机制。%It examined the internal factors of corporate governance,marketeriazation degree and business performance in this paper by the information of Chinese public companies during 2009 -2011.The empir-ical results showed that the reasonable arrangements for the structure of corporate governance can promote the business performance.Meanwhile,different corporate governance elements exhibited different charac-teristics in different market-based degree area.Specifically,in the context of Chinese present system,in or-der to promote the business performance,listed companies should implement different governance mecha-nisms according to the corresponding marketeriazation process.