我国金融业上市公司治理绩效(新)..doc

摘要 公司治理作为一种制度安排，其目的在于界定企业中最主要利益主体之间的相互关系，在要素所有者之间分配由要素结合带来的收益以及解决战略决策和管理问题。良好的公司治理是公司的宝贵资源，它通过合理安排公司利益相关者之间的关系，提高公司决策的质量，提升公司的价值，给投资者带来丰厚的回报。很多国外的研究结果表明，投资者愿意为公司治理水平好的公司支付更高的价格，即公司治理存在溢价。公司治理溢价既是面向证券市场和投资者的价值溢价，也是上市公司治理效率的动态评价和市场反馈，不同的公司治理安排体现着不同的治理溢价。那么在中国上市公司中，是否也存在着公司治理溢价？ 本文在系统综述国内外相关研究成果的基础上，以2013年我国金融业43家上市公司为研究样本，从股东治理、董事会治理、监事会治理、高管激励四个公司治理维度选取10个公司治理变量，以托宾值Q作为衡量公司绩效的指标。采用实证研究的方法，分析公司治理溢价的存在性、各维度公司治理指标与企业价值的相关性。实证分析结果表明: 公司治理水平与企业价值相关，金融业上市公司存在公司治理溢价。最后，针对中国上市公司治理存在的问题，提出了建立多元化股权上市公司、适当构建董事会监事会和改革对高管的激励机制三条政策建议。 关键词: 金融业;公司治理;公司绩效;相关性 Abstract As an institutional arrangement of the corporate governance, its aim is to define the relationship between the main shareholders of the company, distribute the company income to all the factor owners, make the company’s strategies and solute the management problems. Good corporate governance is a scarce resource of the company; it enhances the companys value and brings good returns to investors by arranging reasonable relationships among stakeholders for the company, improving the quality of corporate decisions. Many foreign research results show that investors are willing to pay higher prices for companies of good corporate governance and improve the existence corporate governance premium. Governance Premium is not only for stock market and investors but also the listing Corporation governance efficiency feedback, different corporate governance arrangements reflect different governance premium. So, is there a corporate governance premium existing in the Chinese stock market? In this paper, based on the relevant research results at home and abroad, uses the Chinas financial forty-three listing Corporation as research sample In 2013. the paper analyzes premium mechanisms of corporate governance from four dimensions of corporate governance as shareholders governance, board governance, board of supervisor governance and executive incentive: and Select ten corporate governance variables. Use Tobin Q