企业治理因素对企业规模影响的实证研究——基于中国上市企业的数据

选取我国2010—2012年沪深A股904家上市企业作为样本进行实证研究,分析股权结构、董事会特征和高管激励等治理因素对企业规模的影响,认为这些治理因素与企业规模之间在统计上存在着显著的关系。国有股对企业资产聚集能力具有正向作用,逐步提高流通股比例,甚至让股权全流通,有利于企业规模的扩张;增加独立董事比例、扩大董事会规模、分设董事长与总经理的领导结构等做法有利于提高董事会效率,对企业规模的发展起到积极作用;高管薪酬的增加,对企业规模的扩张产生有利作用,但股权激励对企业规模的扩张未起到正面影响。

An Empirical Study on the Impact of Corporate Governance Factors on Firm Size-Based on the Data of Chinese Listed Companies

In spite of a number of studies about the influence of capital investment,enterprise performance,research and development on the enterprise scale,there are a few academic researches on the role of corporate governance in the enterprise scale change.Chinese listed companies are selected as the empirical research object and the impact of corporate governance factors on firm size are analyzed from the angles of the ownership structure,board characteristics and the executive incentive,etc.The conclusion is drawn that corporate governance factors appear to have a significant influence on firm size.The study will help to deepen the analysis of the factors affecting the enterprise scale and provide a way to improve corporate governance.