作　　者： ;

机构地区： 南京财经大学会计学院

出　　处： 《财贸研究》 2007年第2期116-123,共8页

摘　　要： 本文基于杜邦分析体系(DuPontAnalysis),以我国资本市场在2002-2004年期间的上市公司年度数据为研究样本,实证检验了公司治理水平的提高对促进企业绩效增长的实现路径。研究表明,上市公司的治理水平越高,高管人员也就越加重视通过公司内部资源整合、完善营销策略和客户管理等方式提高资产营运效率。而且公司治理水平对改善企业绩效的影响并没有突出体现在努力提高主营业务收入或降低生产成本环节,而主要是通过加强资产管理和提高营运效率来实现的。 Based on the data of listed companies in China capital market from 2002 to 2004, this paper empirically tests the ways through which corporate governance enhances the financial performance in terms of DuPont Analysis. We find that the more quality of corporate governance, the more attentions paid to internal resources management by corporate managers. They mainly rely on marketing strategies and customer relationships to increase the working capital efficiency. Meanwhile, the effectiveness of corporate governance on financial performance doesn＇t promote the sales nor cut the product costs, but improve assets working efficiencies through enhanced asset management.

关 键 词： 公司治理机制 企业绩效 杜邦分析

领　　域： [经济管理]