出版业上市公司治理结构与经营业绩关联性研究

选取国内12家出版业上市公司为对象,运用多元线性回归方法构建公司治理结构评价模型,基于2011-2014年的横截面和时间序列数据实证研究了公司治理结构对经营业绩的影响。结果发现,我国出版业上市公司治理结构不完善,治理水平较低,未能完全建立现代企业治理体制,整体绩效表现不理想,财务杠杆过低,可持续增长能力缺乏。在深入剖析出版业上市公司治理中存在的问题和薄弱环节的基础上,从规范公司制度、构建职业经理人市场、优化股权结构、构建科学的股权激励机制、提升财务杠杆作用和产业升级等方面提出了促进出版业上市公司发展的政策建议。

Research on the Relevance Between Corporate Governance and Business Performance in the Listed Companies of Publishing Industry

With the analysis on the cross section and time series data of twelve listed sample companies of publishing industry from the year 2011 to 2014, the relationship between corporate governance and business performance was empirically researched by using the multidimensional linear regression method. It has been found that the companies manage structure is far from being perfect and the level of corporate governance is low in listed companies of Chinese publishing industry. The modern enterprise system has not yet been established. The performance of publishing industry listed companies is generally unsatisfactory, and the level of financial leverage and the sustainable growth are low.  Finally, the countermeasures and suggestions from aspects of the law, cultivation of manager market, optimized equity stock structure, designing a suitable inspiring mechanism, the function of financial lever, as well as  industrial upgrading have been put forward to improve corporate governance and business performance by analyzing the problems existed in the administration structure in the listed companies of publishing industry.