波兰的公司治理与财务绩效[文献翻译]

原文：CorporateGovernanceandFinancialPerformanceofCompaniesinPolandAbstractTheresearchpresentedinthepaperisaimedatexaminingtherelationshipbetweenthelevelofcorporategovernanceandthefinancialperformanceoflistedcompaniesinPoland.Thecorporategovernancedegreeisexpressedbytheoutcomesofaratingof2003performedbyPolishCorporateGovernanceForum.Theattemptedmodelsareoforderedmultinomialtype.Endogenousvariablerepresentstheratingoutcome(A-,B+,B,B-,andC+),whiletheexogenousvariablesincludevariousfinancialindicatorsevaluatedonthebasisofthe2002financialstatements.TheestimatedorderedlogitmodelsshowthatthelevelofcorporategovernanceofcompaniesinPolandisassociatedwiththeirabilitytocopewiththefinancialdistress,asexpressedbythedegreeofliquidity,profitabilityandthefinancialleveragevariables.(JELC10,O57,G30)CorporateGovernanceRatingsforPolishCompaniesFromtheperspectiveofacompany,thecorporategovernancemeans:independentandefficientsupervisingbody,transparentandaccuratebooks,strongshareholders’rightsandequaltreatmentofallownersgroups.Mechanismofcorporategovernanceminimizestheagencycosts,i.e.,reducesthecompany’smarketvaluelossresultingfromapotentialconflictbetweenthemanagersandtheowners(ShleiferandVishny,1996).InPoland,thecorporategovernancequestionshavebeenaddressedsincethebeginningofthefirstdecadein21stcentury,bothlegallyandoperationally.GoodsourceofinformationoncurrentissuesinthisareaisPolishCorporateGovernanceForum(PCFG)foundedin2000bytheInstituteforMarketEconomics().WarsawStockExchange(WSE)hasadoptedthecorporategovernanceprinciplesonthePolishmarketsince2002,withalllistedcompaniesdeclaringthattheywouldobservemostofthebestpracticerules().Sincethen,thenewdocument,entitledBestpracticesinpubliccompanies2005hasbeenacceptedforimplementation.TheBestpracticesexpressthecorporategovernancestandingofWSEbasedonpracticalexperience,opinionsandsuggestionsofmarketparticipantsovertheperiodof2003Y2004andtherecentEuropeanCommissionrecommendationsinthisfield.PolishCorporateGovernanceForumperformedtworatingsofthecompaniesquotedonWarsawStockExchange,thefirstin2001andthesecondin2004(Tamowiczetal.,2001;Dzierzanowskietal.,2004).Thesetworatingsarenotreallycomparable,sincetheauthorssignificantlychangedthescopeandmethodologyforthesecondrating.Thelastratingof2004wascarriedoutfor53companieswithlargestcapitalizationonWSE.Thedataonlegalstandingofthecompanies’corporategovernanceissueswerecollectedasofNovember2003.Accordingtotheauthors’description,the2004ratingwasbasedBontheanalysisofstatutes,internalregulations(by-laws)concerningfunctioningofsupervisoryandmanagementboardsandshareholders’meetingsandcontentofthecompanies’websites.Theveryimportantsourcesofinformationwerethecompanies’declarationsofcompliancewiththeWarsawStockExchangeCodeandespeciallythecommentariestoparticularrules.AuthorsofPCFGratingindicateatleast60characteristicsthatweretakenintoaccountforeachcompanyinordertoobtainappropriatepictureofcompany’scorporategovernancelevel.Theindicatorvariablesfortheratingweretakenfromthefollowingareas:1.compositionandcompetenceofsupervisoryboardincl.independentboardmembers2.supervisionoverparty-relatedtransactions3.generalshareholdersmeetingaccessibility4.functioningofthemanagementboard5.Auditor’sindependence6.lackofanti-takeoverdefences7.regulationsontradinginownshares8.Companies’declaredgoalsandintentions9.transparencyarrangements,includinginformationavailablefromthecompanies’websites.ThedisclosedratingusesfivecategoriesfromA-toC+.Thesewereassignedto53companies.TheauthorsindicatethatthefullrangeofcategoriesincluderatingsfromAtoE.TheratingispresentedinTable1.TherearefivecompaniesratedC+,17companieswithaB-rating,14companieswithB,13withB+,and4withA-.EconometricsandtheCorporateGovernanceTABLE1：PCFG2004RatingofCorporateGovernancefortheCompaniesListedonWSETheeconometricresearchoncorporategovernanceconcernsmainlytherelationshipsbetweenvariouscategoriesrepresentingfirm’sperformanceandthevariablesdescribingthegovernancelevel,suchasownershipstructureorthecompositionofsupervisingbody.Surveysofsuchresearcharepresented,e.g.,inBhagatandJefferis(2002),Boersch-SupanandKoeke(2002),andGugler(2001).Mainfactorsinfluencingthecorporategovernancelevel,whichareusuallyconsideredinempiricalresearch,are:1.compositionofthesupervisoryboard(degreeofdependenceonmanagement,board＇sstructure)2.ownershipstructure(dilutedownership,concentrationofownership,A-Amica,Agora,BZWBK,OrbisB+BPH-PBK,BRE,Computerland,Eldorado,FORTE,KGHM,LPP,Netia,Pekao,PolfaKutno,Prokom,TPSA,StomilSanokBDebica,Elektrim,Groclin,Impexmetal,INGBSK,Jelfa,Kety,Kruszwica,Mennica,PGF,PKNOrlen,PolifarbCW,Rafako,SoftbankB-BankHandlowy,BIGBG(Millenium),Budimex,Comarch,Farmacol,EFL,Grajewo,Kogeneracja,KredytBank,Krosno,Lentex,MostostalSDL,Okocim,Orfe,Rolimpex,Sokolow,SterprojektC+Cersanit,Echo,Hoop,Swiecie,Z˙ywieccorporateowners,institutionalowners,managerialownership)3.acquisitions(includingmanagerialacquisitions)andCEOchanging4.equitystructure(debtstructure)5.managerialcompensationBoersch-SupanandKoe