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20081212:100026788(2008)1220030206(,450052):,,,10.2005748,,.:;;;:F27616:AMeasurementmodelofcorporategovernanceefficiencyandempiricalresearchforChinesepubliccompanyLIUYu2min(BusinessSchool,ZhengzhouUniversity,Zhengzhou450052,China)Abstract:Measurementofcorporategovernanceefficiencyisveryimportantforimprovingthecorporateperformance.Basedontherelationshipamongthecorporategovernanceefficiencyandthefourkeyindicatorsinfluencedonthecorporateperformance,aeconometricsmodelofcorporategovernanceefficiencyissetup,whichistakenownershipstructure,directorateefficiency,managementlevel,andstakeholderfunctionasstructurevariablesandtheirmeasurableindicatorsasobservablevariables.AnempiricalresearchforChinesePublicCompanyisdonebymeansofthemultivariablelinearregressionanalysis,inwhich748sampledataarecollectedfromasurveyof1103Chineseenterprisesin2005.Theregressionanalysisresultsshowthatthesharesofformer5shareholders,thesizeofdirectorateboard,thenumbersofindependentdirector,andmanagertenuresarekeycharacteristicsformeasurementcorporategovernanceefficiency.Keywords:ownershipstructure;directorateefficiency;corporategovernanceefficiency;corporateperformance;measurementindicator:2007205230:(70572050,70771102):(1956-),,,,:..,.,.,.,,...,,.1,,,.,.,..[1].,,.DaltonDaily,[2].BrickleyJames,[3].,.,RedikerSeth,,[4].,,,,,.[5].,....;.,,,.,,.ShleiferVishny,[6].800.:.[7].30,5,[8].,[9].[10]..[11].Yermack500,,,[12].[13].[14]...TosiGomez2MejiaCEO.[15].Kaplan500119,,[16].150[17].[18]..,,.Holderness[19]:.476.,1312,[20].Core,HolthausonLarcker[21].,.Sheehan,.AllenCEO.,Core,.FamaJensen..Demsetz[22].,,.DemsetzVillalonga,123,[23].2,.,,20051103.748.,,.,[24].,,[11,25,26].1,,,1,,5.AvP.AvPTobinsQ(ROE),[11].[25]..,123200812.;,.,.31112345x1x2x3x4y1y2y3y4y5y6y7y8y9y10:.,.,,,.1,.,,.1.,,..,.,,1,.(1):E[|,1]=B+1(1)B1.(1)(2),.(1)(2).1234=0013021000000041424301234+12341+1234(2),1X,(3):X=X1+(3)X1,.(4).(3)(4).x1x2x3x4=w11w21w31w411+1234(4)Y3312(5).Y=Y+(5)Y,.(5)(6)..(1)(3)(5).(2)(4)(6).y1y2y3y4y5y6y7y8y9y10=v11000v12000v130000v21000v22000v23000v240000v31000v320000v411234+12345678910(6),,.,T2.,.42005748,(2)(4)(6).,.(7),T2:216242141521522311072145211060312751119031208.(8)(9),T2:3142121234415111103511205211613136141197211692146141256111494173431146.SPSS1010,T2,.1234=0001749346001606171000000001117164011669810164496901234+0.0763340.2389290.2674450.0873211+1234(7)x1x2x3x4=1.0232461.0468231.3451261.2603641+1234(8)43200812y1y2y3y4y5y6y7y8y9y10=1.0231590001.2694210000.899231000011549338000112372150000187432100011870452000011976237000110342780000118732151234+12345678910(9)4(10).4=0.2451x1+0.2031y1+0.1322y3+0.1072y7+0.3124y10(10)(10),.5,.(10),5.5012451012031011322011072013124.5.5,012451.,,.,5,.,.[11,24,25].5.:[1]AgrawalA,KnoeberCR.Firmperformanceandmechanismstocontrolagencyproblemsbetweenmanagersandshareholders[J].JournalofFinancialandQuantitativeAnalysis,1996,31(3):377-395.[2]DaltonDR,DailyCM.Corporategovernancedigest[J].BusinessHorizon,1998,(4):6-7.[3]BrickleyJA,JamesCM.Thetakeovermarket,corporateboardcompositionandownershipstructure:Thecaseofbanking[J].JournalofLawandEconomics,1987,(10):161-180.[4]RedikerK,SethA.Boardsofdirectorsandsubstitutioneffectsofalternativegovernancemechanisms[J].StrategicManagementJournal,1995,(16):85-99.[5]ColesJE.Anexaminationoftherelationshipofgovernancemechanismtoperformance[J].JournalofManagement,2001,27(1):23-50.[6]ShleiferA,VishnyRW.Asurveyofcorporategovernance[J].JournalofFinance,1997,111(2):753-754.[7].[J].,1997,(5):28-34.[8].[J].,2000,(4):34-44.[9],.[J].,2003,(2):64-74.[10],,.[J].,2002,(8):12-18.[11].[J].,2006,(1):84-90.[12]YermackD.Highermarketevaluationofcompanieswithasmallboardofdirectors[J].JournalofFinancialEconomics,1996,(40):185-211.(41)5312[6]EasingwoodC,CoelhoF.Singleversusmultiplechannelstrategies:Typologiesanddrivers[J].ServiceIndustriesJournal,2003,23(2):31-46.[7]LilienGL.Advisor2:Modelingthemarketingmixdecisionforindustrialproducts[J].ManagementScience,1979,25(2):191-204.[8]LouisWS,SturdivantFD.Customer2drivendistributionsystem[J].HarvardBusinessReview,1987,65(4):34-40.[9]RanganVK,MenezesAJ,MaierE.Channelselectionfornewindustrialproducts:Aframeworkmethodandapplication[J].JournalofMarketing,1992,56(3):69-82.[10]VanBruggenGH,KackerM,NieuwlaatC.Theimpactofchannelfunctionperformanceonbuyer2sellerrelationshipsinmarketingchannels[J].InternationalJournalofResearchinMarketing,2005,22(2):141-158.[11]TyworthJE,ZengAZ.Estimatingtheeffectsofcarriertransit2timeperformanceonlogisticscostandservice[J].TransportationResearch,1998,32A(2):89-97.[12],.[J].,2002,5(5):79-84.WangYJ,GaoJJ.Optimizationandsimulationofdistributesystemsinasupplychain[J].JournalofManagementSciencesinChina,2002,5(5):79-84.[13],.[J].,2003,6(3):66-70.SunHJ,GaoZY.Bi2leveloptimizationmodelfordistributionsystemofsupplychain[J].JournalofManagementSciencesinChina,2003,6(3):66-70.[14]J,,,.[M].,,.:,2003.RobertJDolan,DavidGlenMick,SusanDobscha,etal.MarketingStrategy[M].TranslatedbyLvYL,WangJ.Beijing:ChinaRenminUniversityPress,2003.[15]WengZK,WongRT.Generalmodelsforthesuppliersall2unitquan