CAJ | 학술논문

本文通过建立一个联立方程模型系统分析框架,采用股改前2001至2006年200家上市公司1200个样本与股改后2007至2011年922家公司4610个样本数据,分别采用三阶系统估计方法进行估计。实证结果表明：股改前股权集中度、管理层持股与公司绩效互不相关,股改后股权集中度、管理层持股与公司绩效正向互动,说明股改前公司治理机制与公司绩效关系是一种静态均衡,股改后公司治理机制与公司绩效达到一个新的动态均衡。支持了中国企业的改革过程交织着政府选择外部规则和社会成员选择内部规则的双重秩序演化路径的观点。
본문통과건립일개련립방정모형계통분석광가,채용고개전2001지2006년200가상시공사1200개양본여고개후2007지2011년922가공사4610개양본수거,분별채용삼계계통고계방법진행고계。실증결과표명：고개전고권집중도、관리층지고여공사적효호불상관,고개후고권집중도、관리층지고여공사적효정향호동,설명고개전공사치리궤제여공사적효관계시일충정태균형,고개후공사치리궤제여공사적효체도일개신적동태균형。지지료중국기업적개혁과정교직착정부선택외부규칙화사회성원선택내부규칙적쌍중질서연화로경적관점。
This paper establishes an analytic framework of simultaneous equations based on causality. It adopts 1200 data samples from 200 Chinese listed companies during the year 2001 to 2006 before the Non-tradable shares reform and 4610 data samples Chinese listed companies during the year 2007 to 2011 after the Non-tradable shares reform. 3SLS system estimation of simultaneous equations are respectively done to show the differences of two set data before and after Non- tradable shares reform. It is found that： Firstly, ownership concentration and firm performance does not affect each other, managerial ownership and firm performance does not affect each other before the Non-tradable shares reform. Secondly, ownership concentration and firm performance affect each other positively, managerial ownership and firm performance affect each other positively after the Non-tradable shares reform. This shows that the mechanism of corporate governance and corporate performance relationship is a kind of static equilibrium before the Non-tradable shares reform, but corporate governance mechanism and corporate performance achieve dynamic equilibrium after the Non-tradable shares reform, h explains that the process of the reform of China＇ s enterprises is double order evolution path mixed with external rules chosen by the government and＇internal rules chosen by social members.