法人型实际控制人的治理变革对下属上市公司的影响——基于央企集团建设规范董事会试点改革的研究

根据上市公司年报披露信息的分类，上市公司实际控制人可分为自然人型与法人型两类。之前的公司治理研究大多把法人型实际控制人当作一个黑箱，没有分析法人型实际控制人自身的治理模式所发挥的作用。本课题意在打开这个黑箱，研究法人型实际控制人自身的治理模式对下属上市公司的经营行为与治理效率的影响。. 从2003年开始实施的中央企业“建设规范董事会试点改革”为研究本课题提供了一个很好的准实验环境：此次改革的核心是组建由外部董事为主的中央企业集团董事会，且央企集团董事会改革是依序开展的，这为我们提供了一个使用双重差分法研究此次改革经济后果的准实验环境。. 本课题在学术意义方面将公司治理研究边界进行了拓展。在实践意义方面对推进中的中央企业公司治理改革效果进行评价并对未来改革方向提供建议。

According to the disclosure of annual reports of the listed companies, ultimate controlling shareholders are classified into two types: natural person and juridical person. Previous studies do not examine the corporate governance of ultimate controlling shareholders who are juridical persons (UCSJP) because the limited accessibility of data. We intend to open the black box to study the effects of corporate governance of UCSJP on their affiliated listed companies’ operation and governance efficiency. . The reform of the board of directors of Central Government-Owned Enterprise (CGOEs) which began in 2005 is to establish the boards which are composed largely of outside directors. The reform provides a quasi-experiment environment for us to probe the effects of corporate governance of UCSJP on their affiliated listed companies by using difference-in-differences method.. Our study will extend the border of corporate governance research and provides suggestions for further reforms of CGOEs.