摘要
当今社会经济全球化日益深化，股权主义日益兴起，在此背景下公司治理结构一直是企业理论与实务界的热点，也是构成衡量一国经济核心竞争力高低的重要标志性因素。而公司绩效的提高和企业决策的科学性则是公司治理结构问题的核心。国内关于公司治理的研究起步较晚，理论方面有待完善，另一方面东三省是我国重要的老工业基地，上市公司是整个东北地区经济发展和社会稳定的主力，因此本文的研究具有一定的现实意义和理论意义。
在回顾了国内外公司治理及其与公司业绩相关研究成果后，本文首先在理论部分阐述了公司治理相关理论，包括管家理论、委托代理理论以及利益相关者理论，然后又从股权治理、董事会治理、经理层激励等三个方面分析了公司治理与公司业绩的关系，最后介绍了国内外典型的三种公司治理模式及相互比较。
实际背景部分描述了东北上市公司治理结构与公司业绩的情况。从治理结构来看，主要表现在股权集中度高、股权制衡度低，董事会和监事会的作用有限，经理层报酬结构形式单一，机构投资者参与不足。从公司业绩来看，近年东三省上市公司业绩增长较快，但是与全国同期水平又有一定差距。
实证分析部分，本文对东三省上市公司的治理结构与业绩进行了相关性分析，结果发现股东制衡度（ZH）、总经理年薪（NX）、机构投资者（JG）均与托宾Q值、ROE呈正相关。
政策建议部分，基于实际背景描述与实证分析，本文提出了四项完善东三省上市公司治理的建议。
关键词：公司治理；业绩；相关性分析
ABSTRACT
Corporate governance has been the heat point of the theory and empirical study, with the deepen of globalization and the rise of ownership. And now this problem has become a very important factor to measure the competitiveness of one country or region. The main purpose of corporate governance is to ensure the improvement of its performance and scientific decision- making. There is a relative short history of study on corporate governance, and in the other hand, the listed companies in Northeast play a vital role in the development of economic and society in Northeast region. Therefore, it is of certain theory and practical meaning to study this point.
The author firstly reviews related study on corporate governance and enterprise performance in the theory part, and then introduces the corporate governance including stewardship theory, principal-agent theory and stakeholder theory. The author also analyzes the relationship between corporate governance and enterprise performance in the angle of stock structure、board of directors and the incentive issue.
At last, three representative model of corporate governance are introduced.
In the practice analyze, in order to provide a practical background to empirical analyze, the author find the feature and main problem in corporate governance , and then their performance . From the governance, there are some obvious problem.From the performance, although size of the total asset is more and more larger, the company’s performance is still gaps with the national average level.
In the empirical analysis, the author makes an relationship analysis on corporate governance and enterprise performance. It is mainly manifest that there are an obviously positive relationship between enterprise performance and certain elements of corporate governance(Tobin’s Q and ROE ) including Shareholders balance degree, General manager salary, institutional investor.
Finally, according to the practice background and empirical analysis, the author proposes some advice to perfect corporation governance of listed companies in northeast.
Key words: corporation governance; performance; relationship analysis
目录：
1 绪论
2公司治理和公司业绩理论概述
第三章 东三省上市公司治理结构与公司业绩的情况描述
第四章 东三省公司治理结构对公司业绩影响的实证分析
第五章 结论及对策建议
