中国上市银行内部治理与绩效的实证研究
摘要
运用2008年至2016年上市银行的平衡面板数据,通过固定效应模型和门限回归分析,对中国上市银行内部治理与绩效之间的关系进行实证研究。结论表明,中国上市银行的绩效变化主要受赫芬德尔指数、国有持股比例以及管理层持股比例的影响,并且银行的董事会规模与绩效之间存在倒U形关系,但是在研究过程中发现,独立董事与绩效之间的关系并不显著。研究认为,提高上市银行绩效要关注于股权结构、管理层持股比例以及非独立董事规模,独立董事比例的提高对于绩效的改变作用较小。
引文
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[4]Bauer R,Eichholtz P,Kok N.Corporate Governance and Performance:The REIT Effect[J].Real Estate Economics,2010,38(1):1-29.
[5]Weir C,Laing D.Governance structures,director independence and corporate performance in the UK[J].European Business Review,2001,13(2):86-95.
[6]Craswell A T,Taylor S L,Saywell R A.Ownership structure and corporate performance:Australian evidence[J].Pacific-Basin Finance Journal,2005,5(3):301-323.
[7]Akbar S,Poletti-Hughes J,El-Faitouri R,et al.More on the relationship between corporate governance and firm performance in the UK:Evidence from the application of generalized method of moments estimation[J].Research in International Business&Finance,2016,(38):417-429.
[8]Lehmann E,Weigand J.Does the Governed Corporation Perform Better?Governance Structures and Corporate Performance in Germany[J].Review of Finance,2000,4(2):157-195.
[9]Ingley C B,Walt N T V D.The Strategic Board:the changing role of directors in developing and maintaining corporate capability[J].Corporate Governance An International Review,2010,9(3):174-185.
[10]Judge W Q,Naoumova I,Koutzevol N.Corporate governance and firm performance in Russia:an empirical study[J].Journal of World Business,2011,38(4):385-396.
[11]Mashayekhi B,Bazaz M S.Corporate Governance and Firm Performance in Iran[J].Journal of Contemporary Accounting&Economics,2008,4(2):156-172.
[12]Badriyah N,Sari R N,Basri Y M.The Effect of Corporate Governance and Firm Characteristics on Firm Performance and Risk Management as an Intervening Variable[J].Procedia Economics&Finance,2015,(31):868-875.
[13]Pamburai H H,Chamisa E,Abdulla C,et al.An analysis of corporate governance and company performance:a South African perspective[J].South African Journal of Accounting Research,2015,29(2):1-17.
[14]Mamatzakis E,Bermpei T.The Effect of Corporate Governance on the Performance of US Investment Banks[J].Financial Markets Institutions&Instruments,2015,24(2-3):191-239.
[15]宋增基,李春红,卢溢洪.董事会治理、产品市场竞争与公司绩效理论分析与实证研究[J].管理评论,2009,21(9):120-128.
[16]郝云宏,周翼翔.基于动态内生视角的董事会与公司绩效关系研究综述[J].外国经济与管理,2009,31(12):58-64.
[17]郝云宏,周翼翔.董事会结构、公司治理与绩效——基于动态内生性视角的经验证据[J].中国工业经济,2010,(5):110-120.
[18]刘玉敏.我国上市公司董事会效率与公司绩效的实证研究[J].南开管理评论,2006,(1):84-90.
[19]周建,袁德利,薛楠,金媛媛.市场化进程与董事会治理对公司绩效的联合影响——基于中国A股市场的经验证据[J].数理统计与管理,2014,33(6):1021-1029.
[20]于东智,池国华.董事会规模、稳定性与公司绩效:理论与经验分析[J].经济研究,2004,(4):70-79.