要想对公司各利益相关者进行完美的协调，就必须进行公司治理，公司治理 已经作为一种制度受到各个利益相关者的关注，企业财务绩效作为当前企业高管 目标的主要形式，有效的公司治理可以更好的协调高管和股东的利益，让公司的 经营者和所有者能够协调一致，以此来提升企业绩效水平，保障企业利益相关者 的经济利益。因此，本文以上市金融企业为研究对象，构建面板数据混合 OLS 模 型，针对公司治理对企业财务绩效的影响展开了深入研究。 本文的主要研究内容包括：一是对公司治理的研究背景、研究对象以及研究 意义进行了阐述，为本文的研究打牢坚实的基础。二是梳理归纳了国内、外的研 究文献，据此确定了本文具体的研究内容、研究框架思路与研究方法。三是界定 了本文研究主体的概念，对本文研究涉及的的相关理论及概念进行了具体的分 析，并进行归纳总结，这些理论包括但不限于利益相关者理论、委托代理理论， 同时阐述了企业财务绩效的评价方法。四是提出相关假设，并从公司的治理股权 性质、董事会特征、监事会特征和管理层激励等维度建立了企业的财务绩效评价 模型，并说明了模型中各变量指标。五是开展实证研究。对企业财务绩效评价模 型的变量进行了描述性统计及变量的相关性分析，进而根据已建立的面板数据分 别对公司治理各个维度进行回归分析，得出实证结论。六是提出具有实践性意义 的建议，以实现优化公司治理对企业绩效的提高。 本文得出以下结论：企业的财务绩效与公司的股权性质、公司高管人数和公 司前三名高管薪酬关系不大，与董事前三名薪酬、股权集中度、流通股比例和独 立董事比例与企业财务绩效是呈正相关关系，也就是说企业财务绩效越高，流通 股所占比例与独立董事所占比例就越大，反之同理。而股权制衡度以及机构投资 者占股比例与企业财务绩效是呈负相关关系。此外，企业财务绩效越高，企业内 部监事会的规模也就越大，反之同理。也就是说企业财务绩效与监事会规模也是 呈正相关关系。 本文的创新之处是以下几方面：本文建立了具有虚拟变量的面板数据混合 OLS 的实证模型，面板数据使本研究样本范围更广，研究的严谨性更强，问题描 述更加清晰，更好的反映公司治理结构对上市金融企业财务绩效的影响因素及影 响程度。此外，在研究对象上，专门对上市金融企业进行专题研究，具有现实意 义。探讨高管人数能否对企业财务绩效产生一定的影响，这在很大程度上丰富了 此次研究。 关键词：公司治理；金融企业；财务绩效；面板数据；影响因素II ABSTRACT In order to coordinate all stakeholders perfectly, corporate governance must be carried out. As a system, corporate governance has attracted the attention of all stakeholders. Financial performance of enterprises is the main form of current corporate Executives' goals. Effective corporate governance can better coordinate the interests of executives and shareholders, so that the managers and owners of companies can coordinate. In order to improve the level of enterprise performance and protect the economic interests of enterprise stakeholders. Therefore, this paper takes listed financial enterprises as the research object, constructs panel data mixed OLS model, and conducts in-depth research on the impact of corporate governance on corporate financial performance. The main research contents of this paper include: Firstly, the research background, research object and research significance of corporate governance are elaborated, which lays a solid foundation for the research of this paper. The second is to sort out and summarize the domestic and foreign research literature, which determines the specific research content, research framework and research methods of this paper. Thirdly, it defines the concept of the subject of this study, makes a concrete analysis of the relevant theories and concepts involved in this study, and summarizes them. These theories include but are not limited to stakeholder theory, principal-agent theory, and expounds the evaluation methods of enterprise financial performance. Fourthly, it puts forward relevant hypotheses, and establishes a financial performance evaluation model from the dimensions of the nature of corporate governance equity, the characteristics of board of directors, the characteristics of board of supervisors and management incentives, and explains the variables in the model. Fifth, carry out empirical research. This paper makes descriptive statistics and correlation analysis of variables of enterprise financial performance evaluation model, and then makes regression analysis of each dimension of corporate governance based on panel data, and draws empirical conclusions. Sixth, put forward practical suggestions to optimize corporate governance and improve corporate performance. This paper draws the following conclusions: the financial performance of an enterprise has little to do with the nature of the company's equity, the number of senior managers and the remuneration of the top three senior managers, but has a positive correlation with the remuneration of the top three directors, the concentration of equity, the proportion of circulating shares and the proportion of independentIII directors. That is to say, the higher the financial performance of an enterprise, the proportion of circulating shares and the proportion of independent directors. The bigger the example, the opposite is true. However, the equity balance and the proportion of institutional investors are negatively correlated with the financial performance of enterprises. In addition, the higher the financial performance of the enterprise, the larger the size of the internal board of supervisors, and vice versa. That is to say, the financial performance of an enterprise is positively correlated with the size of the board of supervisors. The innovations of this paper are as follows: This paper establishes an empirical model of mixed OLS with fictitious variable panel data, which makes the sample scope of this study wider, the research more rigorous, the problem description clearer, and better reflects the influence factors and degree of corporate governance structure on financial performance of listed financial enterprises. In addition, in terms of the research object, it is of practical significance to conduct a special study on listed financial enterprises. To explore whether the number of executives can have a certain impact on the financial performance of enterprises, which greatly enriches the study. Key words: corporate governance; financial enterprises; financial performance; panel data; influence factorIV 目录 摘要.................................................................................................................................I ABSTRACT.................................................................................................................. II 第一章 绪论..................................................................................................................1 1.1 选题依据..........................................................................................................1 1.1.1 研究背景................................................................................................1 1.1.2 研究意义................................................................................................2 1.2 国内外研究综述..............................................................................................3 1.2.1 国内研究综述........................................................................................3 1.2.2 国外研究文献综述................................................................................4 1.3 本文的研究思路与方法..................................................................................6 1.3.1 研究思路................................................................................................6 1.3.2 研究方法................................................................................................7 1.4 本文创新点......................................................................................................8 第二章 概念界定及理论基础......................................................................................9 2.1 概念界定..........................................................................................................9 2.2 研究理论基础................................................................................................11 2.2.1 委托代理理论..