中国公司治理监管的效果研究

通过公司治理监管是否能够、以及如何改变公司治理？学术界还存在很多争论。本项目以中国上市公司治理监管为背景，集中研究以下两个问题：1）公司治理中实际运作中存在的问题，以及这些问题产生的原因和导致的后果。2）公司治理监管对公司治理的提高产生的作用。在研究中，利用公司治理监管数据，我们构建公司治理缺陷的指标；然后考察市场对公司治理监管报告的市场反应，进而比较监管前后公司治理的变化及其对业绩的影响。我们的研究具有重要的意义：从学术的角度看，本研究可以帮助打开公司治理的"黑箱"，在现有的公司治理变量和业绩之间建立直接的桥梁；对国际学术界关于监管方式及其利弊的争论提供新的证据，特别是对转型国家关于监管路径和方法的选择有启示意义；也对国际文献中有关中国法律执行力的研究提供新的证据。从实践的角度看，本研究为监管部门评估公司治理的监管效果和提升监管水平提供了科学的证据。

There has been a long debate on whether and how law enforcement could improve the effectiveness of corporate governance. Using Chinese listed firms as sample, we study the following two research questions: (1) what are the reasons and consequences of problems in corporate governance in practice? (2) Could the enforcement improve corporate governance? In this study, we construct a proxy which named "corporate governance weakness" based on corporate governance information released by firms in their special corporate governance report required by China Securities Regulatory Commission (CSRC). We examine the market reaction towards the corporate governance report, compare the change in corporate governance around the issuance of the report, and further explore the impact of such changes on firm's performance (either market performance or operating performance). We expect that enforcement actually help firms to improve their corporate governance. Our study will contribute to the literature in several ways: first, our study contributes to corporate governance literature by showing more direct evidence regarding the relation between corporate governance and firm's performance; second, our study shed lights on the debate on the pros and cons of different enforcement mechanism, which provides future insights for transition countries in their choices for more efficient law enforcement mechanism; third, our study also provides new evidence to studies which interested in the law enforcement of China. Other than academic contributions, our study is also helpful for regulators when they evaluate the effectiveness of enforcement on corporate governance and methods to improve it.