摘要
利用中国沪深上市私营矿业公司2013~2017年数据,考察了股权集中度与中国私营矿业公司治理效率之间的关系。考虑到股权集中度与中国私营矿业公司治理效率之间可能存在门槛效应,建立了中国私营矿业公司治理效率DEA评价模型、股权集中度与中国私营矿业公司治理效率门槛模型。研究发现:(1)股权集中度与中国私营矿业公司治理效率之间存在门槛效应和倒"U"型关系。当股权集中度低于门槛值29.73%时,股权集中度与公司治理效率呈现正相关;当股权集中度高于门槛值29.73%时,股权集中度与公司治理效率呈现负相关。(2)中国私营矿业公司最大股东最优控股比例位于[0.1873,0.3360]区间。(3)公司规模与中国私营矿业公司治理效率呈现负相关。
The equity structure is the foundation of corporate governance.It is of great practical significance to establish a reasonable equity structure to improve the corporate governance efficiency.Most literatures use linear regression model or multiple nonlinear model to study the relationship between corporate governance efficiency and equity structure.Few scholars consider the impact of equity concentration on corporate governance efficiency from the perspective of China’s private mining companies,and few scholars consider that there may be a structural mutation between equity concentration and corporate governance efficiency,namely threshold effect.Based on the data of 48 private mining companies listed in Shanghai and Shenzhen from 2013 to 2017,this paper constructs a DEA model to measure the efficiency of corporate governance,and uses a threshold model to explore what kind of equity concentration is more suitable for the current economic environment of China and more effective to improve the efficiency of corporate governance of private mining companies in China.Based on the theory of production function,this paper selects total assets,asset liability ratio and number of senior executives as input indexes,growth and profit rate as output indexes,and constructs DEA measurement model of corporate governance efficiency.The results show that:The total average governance efficiency of China’s private mining companies in 2013~2017 is 0.7092,and the governance efficiency is still low;Only four companies have maintained relatively effective governance,accounting for 8.33%of the total sample;Only 10 companies have five-year average governance efficiency of more than 0.9,accounting for 20.83%of the total sample;There are significant differences in different corporate governance efficiency,and the phenomenon of two-level differentiation is serious.Taking corporate governance efficiency as explanatory variable,Tobin’Q value and corporate age as control variable,equity concentration as explanatory variable and threshold variable,a threshold model of the impact of equity concentration on corporate governance efficiency was constructed,and a multiple regression model of the impact of corporate governance efficiency was constructed with company size as explanatory variable.The results show that:(1)There is a threshold effect and an inverted“U”relationship between the equity concentration and the corporate governance efficiency.When the equity concentration is lower than the threshold of 29.73%,they are positively correlated;When the equity concentration is higher than the threshold of 29.73%,they are negatively correlated.(2)The optimal Largest shareholder holding ratio of private mining companies in China is[0.1873,0.3360].(3)The company size is negatively correlated with the corporate governance efficiency of private mining companies in China.
作者
郑明贵
曾健林
ZHENG Minggui;ZENG Jianlin(School of Economics and Management,Jiangxi University of Science and Technology,Ganzhou 341000,Jiangxi,China;School of Management,University of Science and Technology of China,Hefei 230026,Anhui,China)
出处
《黄金科学技术》
CSCD
2020年第3期380-390,共11页
Gold Science and Technology
基金
国家社会科学基金重点项目“中国战略性矿产资源国家安全评估与预警系统研究(2020-2050)”(编号:18AGL002)
国家自然科学基金重点项目“大数据环境下的评价理论、方法和应用”(编号:71631006)
江西理工大学重大项目培育计划“大数据驱动下国家矿产资源安全战略管理现代化研究”(编号:19ZDPY-08)
江西省青年井冈学者奖励计划联合资助。
关键词
公司治理效率
股权集中度
数据包络分析
门槛模型
公司规模
corporate governance efficiency
equity concentration
data envelopment analysis
threshold model
company size
