中国大陆上市公司治理结构..docx

Emergence and Transfer of Wealth 财富涌现与流转, 2012, 2, 68-76/10.12677/etw.2012.24017Published Online December 2012 (/journal/etw.html)An Analysis of the Effectiveness of CorporateGovernance for Listed Companies in Mainland Chinasince 2008Yuting Zhang1, Yihong Li1, Yiheng Guo1, H. J. Cai21Economics and Management School, Wuhan University, Wuhan2International School of Software, Wuhan University, WuhanEmail: 1509129189@,, 478803310@, hjcai@Received: Nov. 16th, 2012; revised: Nov. 30th, 2012; accepted: Dec. 5th, 2012Abstract: This paper examines the effectiveness of corporate governance for companies listed in mainlandChina since 2008, considering the background of the financial crisis and the split share structure reform inChina. Based on the data of 1837 listed companies, we conclude that: the proportion of state-owned shareshas a significant negative impact on the governance performance overall, but it affects the governance posi-tively in Mining and Quarrying Industry and Social Services Sector; the stake of the largest shareholders ofthe company, the management, as well as institutional investors have a significant positive impact on the ef-fectiveness of corporate governance; equity balance of large shareholders can improve the effectiveness ofcorporate governance, except for the Mining and Quarrying Industry; the size of the board and the board ofsupervisors have a significant positive impact on the governance performance; the proportion of independentdirectors in a board has no significant effects overall, but can improve the effectiveness of cooperate in ITIndustry and Wholesale and Retail Trade Sector, and suppress the effectiveness in the Real Estate Sector.Keywords: Corporate Governance; Corporate Performance; Industry Analysis2008 年后中国大陆上市公司治理结构对公司绩效的影响张宇婷 1，李一泓 1，郭祎姮 1，蔡恒进 21武汉大学经济与管理学院，武汉2武汉大学国际软件学院，武汉Email: 1509129189@,, 478803310@, hjcai@收稿日期：2012 年 11 月 16 日；修回日期：2012 年 11 月 30 日；录用日期：2012 年 12 月 5 日摘要：本文通过考虑我国股权分置改革以及金融危机的大背景，主要研究了 20