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本文以18家已上市证券公司为样本,对其内部治理与公司经营绩效之间的关系进行了实证分析。结果表明:中国上市证券公司股权集中度与公司经营绩效呈负相关关系;股权制衡度对公司经营绩效的影响不显著;国有控股性质有助于提高公司经营绩效;董事会规模对公司经营绩效呈正相关关系,但影响不显著;独立董事比例与公司经营绩效呈显著正相关关系;董事长与总经理的职位分离有利于提高公司经营绩效,但在统计上不显著;监事会规模与公司经营绩效呈显著负相关关系;管理层报酬与公司经营绩效呈显著正相关关系,管理层规模与公司经营绩效呈正相关关系,但影响不显著。
In this paper, 18 listed securities companies as a sample, its internal governance and the relationship between the performance of the company conducted an empirical analysis. The results show that the ownership concentration of listed securities companies in China is negatively correlated with the company’s operating performance; the ownership balance has no significant effect on the company’s operating performance; the nature of state-owned shares helps to improve the company’s operating performance; and the size of the board of directors is positively correlated with the company’s operating performance But the influence was not significant. The proportion of independent directors was positively correlated with the company’s operating performance. The separation of the positions of chairman and general manager contributed to the improvement of the company’s operating performance, but it was not statistically significant. The size of the board of supervisors and the company’s operating performance were significant Negative correlation; management pay and corporate performance was significantly positive correlation between the management scale and the company’s operating performance was a positive correlation, but the impact is not significant.