|题名: ||公司治理機制與經營績效之研究 : 以股權分置改革後中國上市電子科技公司為例|
|其它题名: ||A study on the correlation between corporate and performance : example on the China stock listed companies of electronic technology after the equity division reform|
|作者: ||林 政 儀;Lin, Cheng-i|
|关键词: ||中國股權分置改革;中國電子上市公司;公司治理;經營績效;the equity division reform;China stock listed companies of electronic technology;corporate governance;Corporate Performance|
|上传时间: ||2010-01-10 23:26:00 (UTC+8)|
Mainland China has implemented the economic reform and opened the market since 1979.The improvement progress of the Chinese Enterprises’ company governance structure is slow because mainland China still held control to the enterprise in the reform process. As the stockholders’ shares ratio the government has owned is still high and the state-owned shares is unable to go on the market completely, it has made the extreme unreasonable condition to the stockholding structure of the listed companies in china and it causes China''s market economy to be unable to develop completely. Most researches only focus on internal governance to measure the relation with the corporate performance. Therefore, this study joins the external governance to measure the relation with the corporate performance to take the motive.
The purpose of this study is to analyze the correlation between internal
(shareholding structure, the board composition) and external(external supervisory system) governance with corporate performance. Through the background of the equity division reform, we can realize how the China’s electronic technology companies do improve corporate governance and enhance corporate performance for going on the stockholders’ shares entirely. This paper quotes 56 listed electronic technology companies as simple , which started public offering in Shanghai and Shenzhen stock
market from April 29, 2005 to September 30, 2006 and takes the relate data during 2004 to 2008 . The studty sampled database is designed from the Center for China Financial Research of the university of Hong Kong and China of Stock market the development by the University of Science and Technology and Taian State Finance Database About China (CSMAR) to obtain the public information of the companies primarily.
The regression analyze used in this study is the random effect model of Panel data. It mainly analyzed the influence of the equity division reform to the listed electronic technology companies from the empirical perspectives. Several conclusions have been drawn：
The research indicated that there is no significant relation between the percentage of state-owned shares and corporate performance. Because the proportion of the state-owned shares is obviously high in the China Listed companies, the Government have the companies’ ownership；There is no significant relation between the percentage of current ratio and corporate performance. Below the primary causes have : First, the proportion of current ratio is still small. Second, the cash bonus standard of the listed companies is low.
The research indicated that the shareholding of the top 10 shareholders is negatively related with corporate performance. Because the shareholding structure under the equity division reform enterprise is unstable company''s top 10 stockholders contain the state-owned shares, the and corporate shares and the current shares, the diverse shareholders influence corporate governance； Board of directors is negatively related with corporate performance. It explained that responsibility chairman and manager share may strengthen the independence of board of directors and enhance the corporate performance； Percentage of independent directors is positively related with corporate performance. Because the independent directors have not held the other posts of outside of directors in the companies and played supervised superintendent''s role, the standard of the independence is high and there are not direct conflict with the companies.
The research indicated that Debt ratio is negatively related with corporate performance. Attribute to stagnating excessive properties, such as cash, money market commodity, low reward or free property and so on. Although it can enhance the short-term turnover ability, it will increase the companies’ pressure to undertake the interest or the insurance premium under the long-term；Firm size is positively related with corporate performance. The bigger listed electronic technology companies in China mostly became by the large-scale State-owned companies. Therefore, it causes all local authorities to develop the big companies positively and it is more advantageous to the big compaies’ development.