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以2009~2014年深沪A股上市公司为样本,从公司治理机制以及委托代理成本为出发点,基于投入与产出角度构建公司治理函数模型,采用DEA方法衡量公司治理效率,对比分析评价国企与非国企治理效率和治理水平差异,并通过有效前沿面分析得出影响公司治理效率的主要因素。实证结果表明,我国上市公司综合治理效率有待提高,国有企业综合治理效率有赶超非国有企业的现象;而影响公司治理效率的主要因素是董、监、高持股激励。
Taking the 2009-2014 A-share listed companies in Shenzhen and Shanghai as samples, from the perspectives of corporate governance mechanism and agency costs, the corporate governance function model is constructed based on input and output perspectives. The DEA method is used to measure the corporate governance efficiency. The comparative analysis of state-owned enterprises and The difference between the governance efficiency and the governance level of non-state-owned enterprises and the main factors that influence the efficiency of corporate governance are drawn through the effective frontier analysis. The empirical results show that the efficiency of comprehensive governance of listed companies in our country needs to be improved, and the efficiency of the comprehensive management of state-owned enterprises can catch up with and surpass the non-state-owned enterprises. The main factors that affect the efficiency of corporate governance are incentives from directors, supervisors and senior executives.