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本文以沪深300指数中的197家上市公司为样本,对其公司治理结构和收益率的关系进行多元回归分析,分析得出公司董事会规模和独立董事比例分别与收益率呈现U型关系,股权集中度、国有股比例均与收益率负相关。研究结果还表明:公司规模扩大、业绩好是蓝酬股价在牛市中高涨和熊市中抗跌的基本点;大多数蓝酬股收益率不高,其董事会结构并没有暗示股价长期、稳定、高速升值的空间;当股权分散和国有股比例下降,投资者参与度增加引致收益率提高;外资股权也没有得到大众投资者长期追捧,长期收益率与外资股权比例不相关。
This paper takes 197 listed companies in Shanghai and Shenzhen 300 Index as samples, conducts multiple regression analysis on the relationship between corporate governance structure and return rate, and finds that the scale of the board of directors and the proportion of independent directors respectively show a U-shaped relationship with the return rate, Concentration, the proportion of state-owned shares are negatively correlated with the yield. The results also show that: the company scale, good performance is the blue remuneration stock prices in the bull market and the bear market resilience in the basic point; most blue remuneration stocks yield is not high, the board structure does not imply that the stock price long-term, stable, high-speed appreciation . When the shareholding is decentralized and the proportion of state-owned shares declines, the increase in investor participation leads to an increase in the rate of return. Foreign equity has not been sought after by longtime investors, and the long-term rate of return has no correlation with the proportion of foreign equity.