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基于2002—2010年的面板数据,运用广义最小二乘法实证分析累积投票制、利益侵占与公司绩效之间的关系。结果表明,上市公司采用累积投票制后比采用之前的绩效要好,而且利益侵占程度显著降低;利益侵占程度是累积投票制影响公司绩效的中介变量,即采用累积投票制的公司降低了利益侵占程度,而这一治理效应提升了公司绩效。
Based on the panel data from 2002 to 2010, the generalized least squares method is used to empirically analyze the relationship between cumulative voting system, profit encroachment and corporate performance. The results show that the listed companies use the cumulative voting system after the performance than before the use of better, and the degree of interest encroachment significantly reduced; the degree of interest encroachment is cumulative voting system affect the performance of the intermediary variables, the cumulative voting system reduces the degree of profit encroachment , And this governance effect enhances the company’s performance.