CAJ | 학술논문

以2003年中国上市公司为样本，根据最终所有权性质的不同将上市公司分为国有控股、民营控股以及外资控股三类，并选取相关变量对各治理机制变量与企业业绩变量进行多元线性回归分析，发现民营控股上市公司中公司治理变量及控制变量对企业绩效的解释力，度大于国有控股上市公司；当综合考虑各治理变量并研究其与绩效的关系时，治理机制变量之间会产生相互影响，但这种影响并不会导致各治理机制变量与企业绩效的关系在本质上改变；在国有控股和民营控股两类上市公司中与企业业绩之间存在显著相关关系的治理机制变量。研究结果为完善中国上市公司治理结构、提高企业业绩提供了经验证据。
이2003년중국상시공사위양본，근거최종소유권성질적불동장상시공사분위국유공고、민영공고이급외자공고삼류，병선취상관변량대각치리궤제변량여기업업적변량진행다원선성회귀분석，발현민영공고상시공사중공사치리변량급공제변량대기업적효적해석력，도대우국유공고상시공사；당종합고필각치리변량병연구기여적효적관계시，치리궤제변량지간회산생상호영향，단저충영향병불회도치각치리궤제변량여기업적효적관계재본질상개변；재국유공고화민영공고량류상시공사중여기업업적지간존재현저상관관계적치리궤제변량。연구결과위완선중국상시공사치리결구、제고기업업적제공료경험증거。
This paper takes Chinese listed companies in 2002 as examples. After reviewing of related theories and empirical studies, the paper divides the samples into three sorts according to their properties of ultimate ownership, company controlled by country, company controlled by individual and company controlled by foreigner. Then the paper chooses related variables. Through multiple linear regression the paper finds that the explaining degree of governance variables and controlled variables to performance in individual controlled companies is greater than that in country controlled companies; and governance variables can influence each other when the relationship between governance variables and performance variables is studied, but the influence will not lead this relation become inversely; and some governance variables which influence performance significantly are found. The results of this paper will provide some empirical evidences for improving the corporate governance and performance of listed companies in China.