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以民营上市公司非平衡面板数据作为研究样本,从股权结构、董事会特征和高管激励机制三个维度实证分析了民营上市公司内部治理结构对企业绩效的影响。研究结果表明,股权集中度、监事会规模及高管人员持股比例对企业绩效有消极影响,独立董事占比的提高可以提升企业绩效,董事长兼任总经理及高管人员薪酬激励分别与企业绩效呈正相关关系。
Based on the non-equilibrium panel data of private listed companies, this paper analyzes the influence of internal governance structure of private listed companies on firm performance from three dimensions: ownership structure, board characteristics and executive incentive mechanism. The results show that the ownership concentration, the size of the board of supervisors and the proportion of senior executives have a negative impact on the performance of the company. The increase of the proportion of independent directors can improve the performance of the enterprise. The remuneration incentive of the board of directors, general manager and senior executives, respectively, There was a positive correlation.