采用H-L模型测算证券市场隐性交易成本，从反映公司治理效率的指标中，运用因子分析法选择主要成分，并与隐形交易成本进行多元回归。结果表明：隐性交易成本和股权集中度呈正相关关系；与董监规模因子、高层环境因子具有负相关性；与经营效率因子的相关性并不显著。因此从公司治理的微观角度，可以通过优化股权结构、调整董事会规模和监事会规模、改善独立董事所占比例、改进公司组织管理形式、提高公司经营业绩等方面来降低隐性交易成本。%This article uses the H-L model to measure the implicit transaction cost in the securities market. From the indexes to reflect the efficiency of corporate governance, the factor analysis method was used as the main component, and multiple regression models were used in the implicit transaction cost. It is concluded that: the implicit transaction cost has a positive impact on the structure of ownership; the implicit transaction cost has a negative impact on the number of board and independent director, and the factors of executive;in the respect of operating efficiency, there is no significant correlation. So from the perspective of corpo-rate governance, we can reduce the implicit transaction cost by optimizing the structure of ownership, adjusting the structure and size of the board or independent director, improving the company form of organization or management, boosting the company per-formance.
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