CAJ | 학술논문

文章利用DEA分析技术测度了江苏制造业97家上市公司的运营效率；建立了股权结构、高管薪酬及董事会特征与制造业企业运营效率间的函数关系，以江苏制造业上市公司2009-2013年间的数据为样本，运用Probit回归分析法验证了这种关系下的实际影响。研究结果发现：2009-2013年制造业运营效率呈现先上升后停滞的变化特征，企业间运营效率水平差异较大；股权较为集中的制造业企业有较高的运营效率，高管薪酬的提高对公司运营效率有显著的积极影响，董事会规模对企业运营效率有显著负影响，独立董事所占比例对企业运营效率提升并没有明显作用。基于此，提出了改善公司内部治理机制和提升公司效率的相关政策建议。
문장이용DEA분석기술측도료강소제조업97가상시공사적운영효솔；건립료고권결구、고관신수급동사회특정여제조업기업운영효솔간적함수관계，이강소제조업상시공사2009-2013년간적수거위양본，운용Probit회귀분석법험증료저충관계하적실제영향。연구결과발현：2009-2013년제조업운영효솔정현선상승후정체적변화특정，기업간운영효솔수평차이교대；고권교위집중적제조업기업유교고적운영효솔，고관신수적제고대공사운영효솔유현저적적겁영향，동사회규모대기업운영효솔유현저부영향，독립동사소점비례대기업운영효솔제승병몰유명현작용。기우차，제출료개선공사내부치리궤제화제승공사효솔적상관정책건의。
This paper uses DEA method to measure operational efficiency of 97 manufacturing listed companies in Jiangsu province,and establishes the function relationship between ownership structure,executive compensation,characteristics of board and operational efficiency of manufacturing industry,then employs Probit regression analysis to verify the actual effect of this relationship by taking the data of manufacturing listed companies in Jiangsu province from 2009 to 2013 as the sample. The results show that the operational efficiency of manufacturing industry presented the change feature of the stagnation after the rise from 2009 to 2013, and the difference of operational efficiency among companies is big. The manufacturing compa?nies with more concentrated ownership have a higher operational efficiency. The increase of executive compensation has a sig?nificant positive effect on company’s operational efficiency. The size of board has a significant negative effect on company’s operational efficiency. There is no an obvious positive relationship between the proportion of independent directors and compa?ny’s operational efficiency. Based on these,this paper puts forward some related policy suggestions to improve internal gover?nance mechanism and enhance company’s efficiency.