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本文以深圳证券市场2009-2014年创业板上市公司为研究样本,检验上游威胁、公司治理和公司绩效之间的关系,结果发现合理的公司治理机制安排能够提高公司的绩效,而上游威胁对某些公司治理机制产生了互补和替代作用。因此,要提高公司绩效、实现股东利益最大化,一方面要继续完善上市公司的治理机制,另一方面要发挥好上游威胁的治理作用,通过其与内部公司治理机制的配合来更有效地提高公司绩效。
This paper examines the relationship between upstream threats, corporate governance and corporate performance using GEM-listed companies from 2009 to 2014 in Shenzhen Stock Exchange. As a result, we find that a reasonable corporate governance mechanism arrangement can improve the company’s performance. However, These corporate governance mechanisms complement each other and replace them. Therefore, it is necessary to improve corporate performance and maximize the interests of shareholders. On the one hand, it is necessary to continue to improve the governance mechanism of listed companies, on the other hand, it should play a good governance role of upstream threats and enhance its efficiency through cooperation with internal corporate governance mechanisms Corporate Performance.