CAJ | 학술논문

针对现有实证研究公司治理与企业绩效间关系结果的不一致,文章从系统化的角度重新审视两者之间的关系。通过建立关于企业绩效、公司治理、股权结构和资本结构四者的联立方程模型,在控制了因素的内生性影响之后,运用三阶段最小二乘法,对2008年到2010年上市公司的数据进行分析,实证结果表明：没有明显的证据显示中国企业现有的公司治理对企业绩效提升有显著的促进作用。另外,研究还扩展和补充了人们以往仅运用单方程模型来估计公司治理与企业绩效间关系的一些结论。
침대현유실증연구공사치리여기업적효간관계결과적불일치,문장종계통화적각도중신심시량자지간적관계。통과건립관우기업적효、공사치리、고권결구화자본결구사자적련립방정모형,재공제료인소적내생성영향지후,운용삼계단최소이승법,대2008년도2010년상시공사적수거진행분석,실증결과표명：몰유명현적증거현시중국기업현유적공사치리대기업적효제승유현저적촉진작용。령외,연구환확전화보충료인문이왕부운용단방정모형래고계공사치리여기업적효간관계적일사결론。
On the basis of inconsistency of corporation governance and performance,in this paper,the authors reexamine the relation between them from systematic perspective.By building the simultaneous equations model of firm performance,corporate governance,ownership and capital structure,controlling endogenous influence,using three-stage least squares（3SLS）,and analyzing statistic of listed companies between 2008 and 2010,they argue that there are no obvious evidences to indicate that current corporation governance plays an significant role in advancing firm performance.In addition,this study develops and complements previous conclusions of the relation between corporation governance and performance,which is estimated through using single formulation models.