Researches On The Equity Restriction To The Corporate Governance Efficiency Of Listed Company By DEA

Since the corporate governance efficiency problem came out early from the west,it has been rapidly developed and progressed in theory and practice.But in china ,we are still in the primary stage of socialism and the market economy system is not yet perfect,the research to the corporate governance efficiency problem in our country is not deep at all.Now days,there are many researches about the relationship between equity restriction and the corporate governance efficiency.But these researches never get a unified conclusion.There are always two opposite conclusions,one is that the equity restriction has a positive impact on the corporate governance efficiency,the other is the equity restriction has a negative impact on the corporate governance efficiency.Shareholding structure is an crucial part of the corporate governance,and can impact the corporate from many ways through some kinds of institution.A reasonable shareholding structure is directly related to the increase of corporate governance efficiency and the value of the whole corporate.This paper has maken a further exploration on the the relationship between equity restriction and the corporate governance efficiency based on the conclusions summarized from the previous study.This paper has reviewed the corporate governance efficiency problem and the equity restriction home an abrod.First of all,in the theoretical stage, it primaryly introduced the theory of principal-agent and the theory of property rights,illustrated some concepts about the corporate governance efficiency and equity restriction ,as well as how to measure the corporate governance efficiency with the method of DEA.Second,in the demonstration stage this paper firstly measured the efficiency with the method of DEA ,and then compared the samples before the reform with the samples after the reform and analyzed it.And then took the efficiency as explaned variables and other five index as explaining variables, selected the medical companies owed by the state from year 2004 to year 2009 which exchanged on the Shanghai& Shenzhen sotck market as sample dates, according to these dates to make descriptive statistics,independent samples T-test,regression analysis and so on.From the results,this paper make a conclusion that:both the H index and the gap between the first share holder and the second one make a positive impact on the corporate governance efficiency,both the equity restriction Z index and the shares of the second shareholder make a negative impact on the efficiency.At last,this paper gave some suggestion about how to imprive the corporate governance efficiency accordiong to the results of the study.In this paper, the main innovation is⑴Construct a DEA model with multi-variable input and multi-variable output to measure the efficiency of corporate goverance,which can better and comprehensive reflects the efficiency we need.This way overcome some limitations of the previous studies which with single output variable.⑵The data selected from the year 2004 to 2009 can better reflects the timeliness and accuracy of the reform.