中国民营上市公司内部治理效率研究

11003650F270AIPOBSBuyShells1119932002199319941995199619971998199920002001200213177142239267419420021020021019415.48%IPO6734.54%BS12765.46%199772002742002MBOMBOWTOWeston1979GrossmanHart1980BrickleyLeaseSmith1988Lins19991819982000200020022003501200094250200220021.22S1%CR5%DR55039.1358.010.64103345.4758.160.472S1DR51S1CR523232.454563.7733S1CR5DR5-GP01RSSTsDTsLZDSHSROALZLZ1LZ0LZ0.5SPSS10.01Mann-WhitneyTest44Mann-WhitneyTestS1CR5DR5Mann-WhitneyU23975.50027969.00022079.000WilcoxonW25250.50029244.000686207.000Z-2.008-.545-2.797Asymp.Sig.(2-tailed).045(*).586.005(**)a:GP**1%(2-tailed)*5%(2-tailed)45%S1P=0.0450.051%,P=0.0050.01123467Spearman55SpearmanRSSTsDTsDSHSROARS1.000-.118.048.078.310.099STs-.1181.000.514**.108-.082-.231DTs.048.514**1.000-.033-.266-.234DS.078.108-.0331.000.059-.014HS.310-.082-.266.0591.000.224ROA.099-.231-.234-.014.2241.000**1%(2-tailed).512723631%0.514P=0.00000.0145Kruscal-WallisH66Kruscal-WallisHTestStatisticsabROAChi-Square3.459Df2Asymp.Sig..177aKruskalWallisTestbGroupingVariable:LZ6P=0.1775%5IPOBS1232002[1].[J].1997(6),82-87.[2].[J].1998(8)21-28.[3].[J].1999(3)20-24.[4].[J].,2002(3)57-60.[5].[J]1999(12),23-31.[6].[J].2002(2),70-78.[7].[J]..[8]Demsetz,H.andLehn,K.TheStructureofCorporateOwnership:CausesandConsequences.JournalofPoliticalEconomy,1985(93),11551177.[9]Barclay,MichaelandCliffordHolderness.PrivateBenefitsfromControlofPublicCorporations.JournalofFinancialEconomics,1989(25),371395.[10]Shleifer.A.andVishny.R.LargeShareholdersandCorporateControl.JournalofPoliticalEconomy,1986(94),461488.AnEmpiricalStudyofInsideGovernanceMechanismValidityofPrivateListedCompanyinChinaHANLiang-liang(Collegeofindustrialandcommercialmanagement,LiaoningUniversity,Shenyang,110036)AbstractThispaperusesthesampleof50privatelistedcompaniesfromShanghaiandShenzhenStockExchange,andadoptsthefirstbigshareholder'sshareholdingratio,thestockrightsrestrictiondegree,stockrightsconcentrationdegree,thetimesofholdingshareholders'meeting,thetimesofholdingboard,thenumberofpeopleoftheshareholders'meeting,presidentunifywithgeneralmanagerandindependentdirectorscale,etc.toexaminechinaprivatelistedcompanyvalidityofinsidegovernancemechanism.Wedrawtheconclusionthattheinsidegovernanceofprivatelistedcompaniesisweaklyeffective.Keywordsprivatelistedcompany;insidegovernance;ownershipstructure1978-Email:[e-mail]15110036