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摘 要
随着国内资本市场的日益壮大，公司治理越来越成为企业和投资者关注的
话题。设立公司治理机制并使之有效运行，不仅能够促进公司的良好发展，而
且能够完善资本市场体系，促进国民经济稳步运行。2008 年金融危机以来，面
临外部环境的巨大变化和不确定因素的增加，国内上市公司能否增强自身实力
以应对环境变化便成为投资者关注的焦点，从而对公司治理提出更高的要求
根据企业所处内部外环境的不同，本文将企业间公司治理的差异归结为企业处
于不同的生命周期阶段。因此，研究各生命周期阶段上市公司治理机制的特征，
以及公司治理机制对企业绩效的影响，能够让企业更准确的设立符合自身发展
的公司治理机制，促进企业健康可持续发展
本文首先对相关理论进行阐述，重点说明公司治理机制的组成以及企业生
命周期各阶段划分的方法。选取 2007 年至 2011 年国内上市公司的数据作为研究
对象，运用划分结果较为稳定的现金流量法对所有企业进行划分，将上市公司
划分为成长期、成熟期和衰退期三个阶段。在上市公司绩效指标的选择上，选
取营业总收入作为因变量，综合运用图表分析、四分位法和回归分析方法，从
股权结构、董事会结构、高管激励方案、外部市场监督四项公司治理机制来研
究各阶段公司治理特征以及其对公司绩效的影响程度。通过研究，本文得出以
下结论：三个阶段的股权集中度均较高，且与公司绩效呈正相关关系，“一股独
大”的特征十分明显；董事长与总经理是否为一人在三阶段均与公司绩效呈负
相关关系，体现了上市公司对内部控制质量的追求；独立董事比例与三阶段公
司绩效的关系不显著，这是国内上市公司对独立董事设置过于“形式化”和独
立董事作用尚未体现的表现；高管持股数量在成长期时与公司绩效呈正相关关
系，但结果不太稳定，而在成熟期和衰退期时对公司绩效的影响不显著，这是
由企业所处阶段的特征以及法律法规完善情况所定；是否同时在 H 股上市在成
长期和成熟期时与公司绩效呈正相关关系，在衰退期时，呈负相关关系
关键词：公司治理 企业生命周期 绩效
Abstract
With the growing of domestic capital market, enterprises and investors pay more
attention to the corporate governance. Setting up a corporate governance mechanism
and run it well will promote the development of company, consummating the system
of capital market, and making the national economy run steadily. Since the financial
crisis happened in 2008, enterprises face with the huge change of external
environment and the increase of uncertainty, whether can they strengthen themselves
to reply the change of environment has became the focus of investors, so the investors
put forward higher request to corporate governance. According to the different
environment of internal and external, this article imputes the different corporate
governance to different stage of enterprise life cycle. So study the diversity of
corporate governance mechanism in different life cycle stage and the effect of
corporate governance on performance can help company find the appropriate
governance mechanism so that promote the development of company.
First, this article states relevant theory, especially explaining the compose of
corporate governance mechanism and the ways to divide the enterprise life cycle.
Selecting the dates from 2007 to 2011 of domestic public company for studying,
using the stable method of cash flow to divide the stage of life cycle into growth stage,
mature stage and decline stage. On the select of indexes about performance, this
article choose the total operating income for dependent variable, using the analysis of
chart, quarterback and regression to study the feature of equity structure, board of
directors, executive incentive, external market supervision, as well as the effect to
corporate performance. After the study, we found the following conclusions: All
stages have the high ownership concentration and positively related to performance,
the feature of “A dominant” is obvious; chairman and president whether or not one
person is negatively related to performance in all the stages, reflecting the pursuit of
high internal control; The proportion of independent director is not significant with
performance in all stages, this is the reflection of “formalize” to the set of
independent directors and the role of independent director has not appeared; The
number of equity holding in executives is positively related to performance but not so
stable in growth stage, and is not notable in mature stage and decline stage, which
rely on the feature of different stages and the situation of law and regulation; Whether
listed in H capital market meanwhile is positively related to performance in growth
stage and mature stage but negative in decline stage.
Keywords: Corporate governance Enterprise life cycle performance