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首页> 外文会议>The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会）论文集 >Research on Corporate Governance Premium Based on Simultaneous Equations: How to Test the Validity of Any Corporate Governance Index
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Research on Corporate Governance Premium Based on Simultaneous Equations: How to Test the Validity of Any Corporate Governance Index

机译：基于联立方程的公司治理溢价研究：如何检验任何公司治理指数的有效性

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摘要

Researching on corporate governance premium which involves mechanism of interaction between corporate governance and firm market value, not only contributes to deepen the theory of corporate governance and point in the direction of optimizing the corporate governance for listed companies, but also helps investors to assess firm market value comprehensively. It is very important to test the validity of any corporate governance index which will be applied in the study of corporate governance premium. According to the SSE Corporate Governance Sector, judgment methods for corporate governance index are constructed, including discreteness method and continuity method. Corporate governance efficiency score (an index) is tested by the judgment methods and this indicator is valid. Using the corporate governance efficiency score, we develop a system of simultaneous equations, where the corporate governance is allowed to affect firm market value, while at the same time firm market value is also allowed to affect the corporate governance. The results support the widespread hypothesis of a positive relationship between corporate governance and firm market value. An increase in our corporate governance efficiency score by 0.1 point (where the index ranges from 0 to 1) causes an increase of the market value by roughly 37.2%. We also report a number of other interesting results on the relationship among different variables.
机译：研究公司治理溢价涉及公司治理与公司市场价值之间的相互作用机制，不仅有助于深化公司治理理论，指出优化上市公司公司治理的方向，而且有助于投资者评估公司市场。综合价值。测试将用于研究公司治理溢价的任何公司治理指数的有效性非常重要。根据上证所公司治理部门，构建了公司治理指标的判断方法，包括离散法和连续性法。公司治理效率得分（一个指标）通过判断方法进行检验，该指标有效。使用公司治理效率得分，我们开发了一个联立方程组，该系统允许公司治理影响公司市场价值，同时也允许公司市场价值影响公司治理。结果支持广泛的假设，即公司治理与公司市场价值之间存在正相关关系。我们的公司治理效率得分提高了0.1点（该指数从0到1），导致市值增长了大约37.2％。我们还报告了其他有关不同变量之间关系的有趣结果。

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