论文部分内容阅读
本文在阐述治理结构与资本运营相关理论的基础上,建立二者的耦合协调度和相对发展模型,以中证100指数的上市公司为样本,对二者的耦合协调等情况进行实证研究。实证结果表明,二者耦合协调度均值处于勉强协调类型,行业间差距较大,多数公司存在不同程度的治理水平或资本运营水平滞后,其中尤以资本运营水平滞后为主。最后提出完善建议:树立耦合协调发展的新理念;加快资本市场发展步伐;促进资本运营模式的多样化;完善公司内部治理结构;改进公司外部治理结构。
Based on the theory of governance structure and capital operation, this paper establishes the coupling coordination degree and relative development model between the two, taking the listed companies of the CSI 100 Index as a sample, and conducts empirical research on the coupling and coordination between the two. The empirical results show that the mean value of the two is at a barely coordinated type, and there is a large gap between industries. Most companies have different levels of governance or capital operation, especially the lag of capital operation. Finally, it puts forward some suggestions: establishing a new concept of coupling and coordinative development; accelerating the pace of capital market development; promoting the diversification of capital operation mode; perfecting the internal governance structure of the company; improving the external governance structure of the company.