外部治理环境与企业绩效关系的实证研究

摘要
本文以深沪两市146家上市公司2003－2005年的平衡面板数据作为样本，并同时采用樊纲、王小鲁和朱恒鹏（2007）的市场化相对进程报告中的2003-2005年各地区的市场化相对进程得分、政府与市场的关系得分以及市场中介发育和法律制度环境得分，实证分析了外部治理环境对企业绩效的影响效应。实证回归的结果发现，外部治理环境中的市场化程度、政府干预以及法治化水平对企业绩效并不存在显著的影响作用，这主要是因为我国处于社会主义初级阶段，资本市场的“中国特色”过于浓烈以及法治化的进程缓慢所造成的。研究结果表明，对于中国薄弱的外部治理环境下，政府应该建立良好的市场环境以及加快法治化进程，为中国的上市公司创造一个良好的外部治理环境。

关键词：市场化程度；政府干预；法治化水平；企业绩效
An empirical study on the relationship between external governance environment and enterprise performance
ABSTRACT
The thesis uses samples of unbalanced panel data of 146 listed companies which are located in Shenzhen and Shanghai from 2003 to 2005, meanwhile the thesis uses scores of relative progress of marketization, relations between government and market, development of market agency, and law system environment in various places from 2003 to 2005 (Sources came from report of Fan Gang, Wang Xiaolu and Zhu Hengpeng (2007) ----Relative Progress of Marketization),and analyzes the effect of exterior environment governance on enterprise performance. The empirical analysis indicated that marketization process, government intervenes and the legalization of exterior environment governance are not the strong factors affecting enterprise performance. The main reasons are the facts that our country is in the primary stage of socialism, Chinese characteristics of capital market is so distinctive and the progress of legalization is slow moving.The conclusion shows that under such weak exterior environment governance, Chinese government should establish a good market condition and accelerate the process of legalization, in order to create a conducive external environment to those listed companies.

Key Words: Market Degree; Government Intervene; Legalization; Enterprise Performance

*若需了解更多与协助请咨询↓→[电脑QQ][手机QQ]【数据协助】