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本文主要探讨证券监管查处的违规上市公司是由于在治理结构问题,或是有其他因素导致公司违规,对2002～2004年违规上市公司尤其是治理结构进行了研究。结果表明:ST/PT公司与公司违规有显著的正相关关系,国有企业、国有股比例与公司违规呈现显著的负相关关系。但董事长与总经理是否一人担任、管理人员变更与公司违规关系不显著。同时还发现,管理人员持股比例与公司违规成正相关关系与预期的相反。
This article mainly discusses the securities regulatory investigation of illegal listed companies is due to the governance structure, or there are other factors that led to the company illegal, illegal listed companies from 2002 to 2004, especially the governance structure were studied. The results show that there is a significant positive correlation between ST / PT companies and the company’s violation, and there is a significant negative correlation between the proportion of state-owned enterprises and state-owned shares and the company’s violation. However, whether the chairman and the general manager hold the position of one person or not, the relationship between the change of management staff and the company’s violation is not significant. At the same time, it was also found that the positive correlation between the shareholding of managers and the company’s violation was contrary to the expectation.