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Systematic Risk and Corporate Governance Risk - An Empirical Research of Chinese Listed Companies

机译:系统性风险与公司治理风险-中国上市公司的实证研究

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In order to help investors predict and prevent risks rationally, this paper examines the relation between systematic risk and corporate governance risk of Chinese listed companies. In the theory aspect, the risk of governance mechanism consociation is proposed. Furthermore, we use panel data of 2001-2009 to analyze the relation between systematic risk and corporate governance risk. The empirical results verify that validation control of large shareholders significantly increases corporate governance risk. We also find the risk of governance mechanism consociation is the main source of governance risk, and the set up of Board and Supervisory Committee can efficiently reduce the risk of corporate governance.
机译:为了帮助投资者合理地预测和防范风险,本文考察了中国上市公司的系统风险与公司治理风险之间的关系。在理论方面,提出了治理机制关联的风险。此外,我们使用2001-2009年的面板数据来分析系统风险与公司治理风险之间的关系。实证结果证明,对大股东的验证控制显着增加了公司治理风险。我们还发现,治理机制关联的风险是治理风险的主要来源,而董事会和监事会的成立可以有效降低公司治理的风险。

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