【正文】 Coefficient.820(**).946(**)Sig. (2tailed).000.000.** Correlation is significant at the level (2tailed).表6資料顯示三個(gè)序列排序的結(jié)果存在著高度的正相關(guān)，意味著三種設(shè)計(jì)的總體等級(jí)方向之間存在著高度的一致性。七、主要結(jié)論1．樣本公司總體治理狀況較差，%，且公司間差異較大。2．全部ST股以及PT的治理狀況較非ST及PT股差，平均治理指數(shù)相差3個(gè)百分點(diǎn)。3．地區(qū)經(jīng)濟(jì)發(fā)展水平與公司治理的狀況具有一定的正相關(guān)性，經(jīng)濟(jì)發(fā)展基礎(chǔ)較好的地區(qū)，公司治理水平較高。4．行業(yè)間總體治理指數(shù)存在差異，行業(yè)內(nèi)上市公司間治理狀況差異較大。公用事業(yè)的競(jìng)爭(zhēng)程度最低，其平均公司治理指數(shù)最高，工業(yè)類的競(jìng)爭(zhēng)程度最高，其治理狀況最差。5．董事會(huì)治理是公司治理的核心，；6．獨(dú)立制度初見(jiàn)成效，但是獨(dú)立性較差，群體效應(yīng)難以發(fā)揮。7．利益相關(guān)者參與治理仍然定留在理論層面上，沒(méi)有全面賦諸實(shí)施。%。8．樣本公司獨(dú)立董事參與治理的狀況與監(jiān)事會(huì)參與治理的程度呈現(xiàn)負(fù)相關(guān)，但相關(guān)系數(shù)很低，人們普遍關(guān)注的獨(dú)立董事與監(jiān)事會(huì)的職能的重疊問(wèn)題在樣本公司中顯示的并不顯著。9．公司治理狀況與上市公司績(jī)效有著密切的關(guān)系，樣本公司中治理指數(shù)得分最高的前1/4家公司的凈資產(chǎn)收益率為是后1/。參考文獻(xiàn)：[1] 李維安，《公司治理》，南開(kāi)大學(xué)出版社，天津，2001，2。[2] 李維安. 中國(guó)公司治理原則與國(guó)際比較. 中國(guó)財(cái)政經(jīng)濟(jì)出版社, 2002.[3] 李維安. 現(xiàn)代公司治理研究: 資本結(jié)構(gòu)、公司治理與國(guó)有企業(yè)股份制改造. 中國(guó)人民大學(xué)出版社, 2002.[4] 瑪格麗特M布萊爾著 張榮剛譯《所有權(quán)與控制》，中國(guó)社會(huì)科學(xué)出版社，1999。[5] 斯道延坦尼夫, 張春霖. 中國(guó)公司治理與企業(yè)改革. 中國(guó)財(cái)政經(jīng)濟(jì)出版社, 2002.[6] 里昂證券(亞洲). 公司治理評(píng)分體系(內(nèi)部資料). 2000.[7] 裴武威. 公司治理評(píng)價(jià)體系研究. 證券市場(chǎng)導(dǎo)報(bào), 2001,[8] 董逢谷等,《上市公司綜合評(píng)價(jià)——方案設(shè)計(jì)與應(yīng)用研究》,上海財(cái)經(jīng)大學(xué)出版社，2002，12.[9] 張綺、西村昂，提高層次分析法評(píng)價(jià)精度的幾種方法，系統(tǒng)工程理論與實(shí)踐，1997，11.[10] 李存修、柯承恩等，《公司治理與平等系統(tǒng)》，臺(tái)灣商智文化事業(yè)股份有限公司，2002年，11月[11] Nikos Vafeas,“Board Meeting Frequency and Firm Performance,”Journal of Financial Economics 7 (1999)。[12] John M Olin“Independent Directors and the Longterm Performance”,Journal of corporation law,17 (2001)。[13] Berle. 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Journal of Management and Governance, 2000, (4): 93116.[30] Yeh,.,2002,July,”Board Composition and the Separate of Ownership from Control,” The 2002 Asia Pacific Finance Association Annual Conference, Tokyo, Japan.作者簡(jiǎn)介：李維安，南開(kāi)大學(xué)國(guó)際上學(xué)院院長(zhǎng)，南開(kāi)大學(xué)公司治理研究中心主任，博士生導(dǎo)師，長(zhǎng)期從事公司治理與企業(yè)戰(zhàn)略研究。A Study of Corporate Governance Index for Chinese Listed Companies and Its Application The project Team of the Research Center of Corporate Governance of Nankai UniversityAbstract: Corporate Governance Index for Chinese Listed Companies(CCGI) is the barometer of corporate governance state. Based on the analysis of CCGI’s function, we construct the CCGI according to the corporate governance appraisal theory. We also analysis the status of corporate governance in China and test our CCGI. Key words: Corporate Governance Index( CCGI ) Function Contingency Theory。 Multiobjective Programming Theory Positive Analysis