CAJ | 학술논문

选取我国2010—2012年沪深A股904家上市企业作为样本进行实证研究，分析股权结构、董事会特征和高管激励等治理因素对企业规模的影响，认为这些治理因素与企业规模之间在统计上存在着显著的关系。国有股对企业资产聚集能力具有正向作用，逐步提高流通股比例，甚至让股权全流通，有利于企业规模的扩张；增加独立董事比例、扩大董事会规模、分设董事长与总经理的领导结构等做法有利于提高董事会效率，对企业规模的发展起到积极作用；高管薪酬的增加，对企业规模的扩张产生有利作用，但股权激励对企业规模的扩张未起到正面影响。
선취아국2010—2012년호심A고904가상시기업작위양본진행실증연구，분석고권결구、동사회특정화고관격려등치리인소대기업규모적영향，인위저사치리인소여기업규모지간재통계상존재착현저적관계。국유고대기업자산취집능력구유정향작용，축보제고류통고비례，심지양고권전류통，유리우기업규모적확장；증가독립동사비례、확대동사회규모、분설동사장여총경리적령도결구등주법유리우제고동사회효솔，대기업규모적발전기도적겁작용；고관신수적증가，대기업규모적확장산생유리작용，단고권격려대기업규모적확장미기도정면영향。
In spite of a number of studies about the influence of capital investment,enterprise per-formance,research and development on the enterprise scale,there are a few academic researches on the role of corporate governance in the enterprise scale change.Chinese listed companies are selected as the empirical research obj ect and the impact of corporate governance factors on firm size are analyzed from the angles of the ownership structure,board characteristics and the execu-tive incentive,etc.The conclusion is drawn that corporate governance factors appear to have a significant influence on firm size.The study will help to deepen the analysis of the factors affect-ing the enterprise scale and provide a way to improve corporate governance.