我国高科技公司治理结构与绩效实证研究

以沪、深股市高科技上市公司2002~2004年相关的数据为研究样本,分析了高科技公司治理结构与企业价值的相关性.结果表明:在竞争激烈的高科技上市公司,托宾Q值与公司规模呈现显著的负相关;而公司规模与上市公司净资产收益率正相关.针对当今我国高科技上市公司的一般现状,对实证检验结果进行了分析.结果表明:与传统企业所有权和经营权分离相比,人力资本及其控制的无形资产对高科技公司价值的贡献相对于有形资产的重要性大大提高.

Empirical Analysis of High-Tech Company's Performance and Governance Structure in China

The correlation between corporate governance and the values as the explained variables of performance of 40 listed high-tech companies as samples on the Shanghai and Shenzhen stock markets from 2002 to 2004 was analyzed.The results show that the distinct negative correlation is between Tobin's Q ratio and company's size,while the positive correlation is between ROE and company's size.The empirical test results for the present situation of China's listed high-tech companies were analyzed.The results reveal that the reason why the high-tech companies differ from the other conventional companies in which the ownership is separated from the control of business operations is that in high-tech companies the human capital and the intangible assets under its control make more important contribution to their values than tangible assets.