波兰的公司治理与财务绩效文献翻译

原文：CorporateGovernanceandFinancialPerformancepaniesinPolandAbstractTheresearchpresentedintheisaimedatexaminingtherelationshipbetweenthe谢谢阅读levelofcorporategovernancethefinancialperformanceoflistedpaniesinPoland.谢谢阅读Thecorporategovernancedegreeexpressedtheoutesaratingof2003谢谢阅读performedCorporateGovernanceForum.Theattemptedmodelsare谢谢阅读oforderedmultinomialtype.Endogenousvariablerepresentstheratingoute(A-,B+,B,谢谢阅读B-,C+),theexogenousvariablesincludevariousfinancial谢谢阅读indicatorsevaluatedonthebasisthe2002financialstatements.Theestimated谢谢阅读orderedlogitmodelsthatthelevelofcorporategovernancepaniesinPoland精品文档放心下载isassociatedwiththeirabilitytowiththefinancialdistress,asexpressedbythe精品文档放心下载degreeofliquidity,profitabilitythefinancialleveragevariables.(JELC10,O57,感谢阅读G30)CorporateGovernanceRatingsforpanies感谢阅读Fromtheperspectiveapany,thecorporategovernancemeans:independentand谢谢阅读efficientsupervisingbody,transparentandaccuratebooks,strongshareholders’感谢阅读rightsandequaltreatmentofownersgroups.Mechanismofcorporategovernance感谢阅读minimizestheagencycosts,i.e.,thepany’smarketvaluelossresultingfrom精品文档放心下载apotentialconflictbetweenthemanagersandtheowners(ShleiferandVishny,1996).精品文档放心下载InPoland,thecorporategovernancequestionshavebeenaddressedsincethe感谢阅读beginningthefirstdecadecentury,legallyoperationally.Good精品文档放心下载sourceinformationoncurrentissuesinthisisPolishCorporateGovernance精品文档放心下载Forum(PCFG)foundedin2000bytheInstituteforMarketEconomics(..pl/).精品文档放心下载WarsawStockExchange(WSE)adoptedthecorporategovernanceprincipleson谢谢阅读thePolishmarketsince2002,withlistedpaniesdeclaringthattheywould感谢阅读mostofthebestpracticerules(.gpw..pl/).Sincethen,thenewdocument,entitledBest精品文档放心下载practicesinpublicpanies2005beenacceptedforimplementation.TheBest1/practicesexpressthecorporategovernancestandingWSEbasedpractical精品文档放心下载experience,andsuggestionsmarketparticipantstheperiod精品文档放心下载2003Y2004andtherecentEuropeanmissionremendationsinthisfield.谢谢阅读PolishCorporateGovernanceForumperformedtworatingsofthepanies谢谢阅读onWarsawStockExchange,thefirstin2001thesecondin2004(Tamowiczetal.,精品文档放心下载2001;Dzierzanowskietal.,2004).Thesetworatingsparable,sincethe感谢阅读significantlychangedthescopeandmethodologyforthesecondrating.谢谢阅读Theratingwascarriedforpanieswithcapitalization感谢阅读WSE.Thedataonlegalstandingofthepanies’corporategovernanceissueswere谢谢阅读collectedNovember2003.Accordingtotheauthors’description,the感谢阅读ratingbasedtheanalysisstatutes,internalregulations(by-laws)谢谢阅读concerningfunctioningsupervisoryandmanagementboardsshareholders’谢谢阅读meetingsthepanies’websites.Theveryimportantsources精品文档放心下载informationwerethepanies’declarationspliancetheWarsawStock精品文档放心下载ExchangeCodeespeciallythementariestorules.谢谢阅读AuthorsofPCFGratingindicateatleast60characteristicsthattaken谢谢阅读accountforeachpanyordertoobtainappropriatepicturepany’scorporate谢谢阅读governancelevel.Theindicatorvariablesfortheratingweretakenfromthefollowing精品文档放心下载areas:petencesupervisoryboardincl.independentboard感谢阅读memberssupervisionoverparty-relatedtransactions感谢阅读generalshareholdersmeetingaccessibility感谢阅读functioningofthemanagementboard谢谢阅读Auditor’sindependenceofanti-takeoverdefences精品文档放心下载regulationstradinginshares感谢阅读panies’declaredgoalsintentions谢谢阅读transparencyarrangements,includinginformationavailablefromthe精品文档放心下载2/panies’websites.ThedisclosedratingusesfivecategoriesfromA-toC+.wereassignedto精品文档放心下载53panies.TheindicatethatthefullrangecategoriesincluderatingsfromA感谢阅读toE.TheratingispresentedinTable1.TherefivepaniesratedC+,17panieswith精品文档放心下载aB-rating,14withB,13withB+,and4withA-.感谢阅读EconometricstheCorporateGovernance感谢阅读TABLE：PCFG2004RatingCorporateGovernanceforthepaniesListedonWSE谢谢阅读感谢阅读感谢阅读BJelfa,感谢阅读arch,精品文档放心下载Lentex,精品文档放心下载精品文档放心下载Z˙谢谢阅读Theeconometricresearchcorporategovernanceconcernsmainlythe谢谢阅读relationshipsbetweenvariouscategoriesrepresentingfirm’sperformanceandthe谢谢阅读variablesdescribingthegovernancelevel,suchownershipstructureortheposition感谢阅读supervisingbody.Surveyssuchresearcharepresented,e.g.,and精品文档放心下载JefferisBoersch-SupanKoeke(2002),Gugler(2001).factors感谢阅读influencingthecorporategovernancelevel,whichareusuallyconsideredinempirical谢谢阅读research,ofthesupervisoryboard(degreeofdependenceonmanagement,精品文档放心下载＇sstructure)ownershipstructure(dilutedownership,concentrationownership,精品文档放心下载corporateowners,institutionalowners,managerialownership)精品文档放心下载acquisitions(includingmanagerialacquisitions)andCEOchanging谢谢阅读structure(debtstructure)感谢阅读3/pensationBoersch-SupanKoekeformulateanumberpoints感谢阅读econometricresearchconcerningcorporategovernance,suchas:谢谢阅读StructuralReverseCausality:Forclearwhatthe精品文档放心下载directioncausalitybetweenownershipstructureandfirm’s感谢阅读performance;moreconcentratedownershipcanimprovefirm谢谢阅读performance,butthereverserelationisalsopossibleYfirmsassessed谢谢阅读themarketcouldalsoattractinvestors.精品文档放心下载MissingVariables:Intheareaofcorporategovernanceitiscustomarythat感谢阅读majorexplanatoryvariablesmayincludedthemodel;精品文档放心下载moreover,thelinear3.Specificationtheequationsexcludesthepresence精品文档放心下载ofhigherorderterms.Selectivity:Mostempiricalcorporategovernance精品文档放心下载analyzeonlythelargestpanies,thelistedones;suchsamples感谢阅读selectedtheperformancevariableandYineffectY精品文档放心下载sampleselectionbias.MeasurementErrorinVariables:Forexample,thepany’sperformance感谢阅读canbemeasuredbydifferentvariables,suchasmarketvalue,ROA,ROE,精品文档放心下载EBIT,’sQ;thesevariablesaresometimesuncorrelated,i.e.,they谢谢阅读measurethesameperformanceindifferentway.精品文档放心下载Toproperlydealsomethesedangerseconometricmodeling感谢阅读corporategovernanceitisnecessarytopanelonpanies.Boersch-Supan谢谢阅读Koeke(2002)indicateseveralsuchdatabasesforGermany.精品文档放心下载CorporateGovernanceandEconomicPerformance精品文档放心下载TherecentsurveycorporategovernanceOECDcountries(Corporate谢谢阅读governance,indicatesthatBstudiesthatareconsideredtobepractice感谢阅读econometrictechniquesindicatethatthecorporategovernanceanimportant精品文档放心下载determinantofperformance(...).Surveyquotethreestudies谢谢阅读significantassociationbetweenthelevelofgovernanceandthefirms’performance.精品文档放心下载Inanotherstudy,BøØdegaard(2001)analyzetherelationshipbetween感谢阅读4/’sQforthepaniesquotedonOslostockexchangein1989Y1997(217panies感谢阅读the1997)severalvariablesrepresentingcorporategovernance.Their精品文档放心下载resultsindicatee.g.,thatownershipconcentrationhasnegativeeffectonperformance,感谢阅读theeffectofownershipispositive.Increasingboardsizeandtheuseof感谢阅读nonvotingsharesdecreaseperformance.Thedirectownershiphasstrongereffecton精品文档放心下载performancethaninstitutionalorstateownership.谢谢阅读outesarepresentedinastudybyLehmanandWeigand(2000)forthe感谢阅读sampleGermanpaniesin1991Y1996.Intheirresearch,’sperformance谢谢阅读measuredbyROAisrelatedtoanumbercorporategovernancevariables.Thepanel感谢阅读regressionresultsconfirmedthatownershipconcentrationnegativeeffectonROA,谢谢阅读thepositiveimpactofownershipconcentrationisfoundforfirmswithfinancial精品文档放心下载institutionslargeshareholders.谢谢阅读Corporategovernanceindicesconstructedforcountriesalso感谢阅读beenexaminedrespecttotheirassociationwitheconomicandmarket感谢阅读performanceofpanies.TheexamplesmayfoundinGruszczynski(2003).Inthe精品文档放心下载section,anattempttowardsexaminingtherelationshipbetweenthe谢谢阅读corporategovernanceratingandpany’sfinancial.精品文档放心下载Thecorporategovernanceratingrepresentsatypicaldependentvariablesuitable谢谢阅读fororderedresponsemodels.Thecategoriesarerankedinascendingorderandthe精品文档放心下载distancesbetweenneighboringcategoriesaresetasequal.Fortheexpositionwe感谢阅读assumethattheobservedcorporategovernanceratingvariableycanbeequalto精品文档放心下载fiveratingcategories,asappearinginthe2003Polishrating.谢谢阅读Itassumedthatthisordinalvariableyrelatedtothecontinuous精品文档放心下载variabley*thatindicatespany’sdegreeofcorporategovernance.valuesy*精品文档放心下载areunknown.Thevaluesofy*determinetherepresentedbyyinthefollowingmanner:谢谢阅读i=1orC+ifτ≤i*<τ1i=2orB-ifτ≤i*<τ25/i=3orBifτ2≤i*<τ3yi=4orτ3≤i*<τ4yi=5orA-τ4≤i*<τ5Theτ’sarethresholds(cutpoints),withforextemecategoriesequal谢谢阅读toτ0=-∞τ5=∞.Thelinearmodelfortheunobservedy*isasfollows:感谢阅读yi*=xiβ+εiwherexiistypical[(k+1)vectorofvaluesonkexplanatoryvariables(plus精品文档放心下载constantterm)fortheithobservation(ith谢谢阅读Theuseoftheobservedyvaluesrequirestheassumptionaboutdistribution精品文档放心下载εi.Fbethecumulativedistributionfunction(cdf).Theprobabilityof谢谢阅读y=m(m=1,...,5)writtenas:感谢阅读i=m│xi,β,ττm-xβ)-F(τ感谢阅读m-1-xβ)τisthevectorofcutpoints.Intheequationfori=m│x,β,τ),P(ythesecondtermontheright-handisequal0.Also,ini=m│xi,β,τ),theP(yfirsttermequals1.Fortheorderedprobitmodel,errorεisnormallywithameanof0谢谢阅读avarianceof1.Fortheorderedlogitmodel,errorεlogisticdistribution.Forthe谢谢阅读sakeofmodel’sidentification,constanttermorτ1setInthe谢谢阅读orderedlogit:τβ/(1+e)m-xim-xi精品文档放心下载m-xiTheprobabilitypiforcategoryyfortheithpany(i=│1,2,...,n)isequal精品文档放心下载to:i=1│xi,,τ)y=1…P(yi=m│xi,,τ)y=m6/…P(yi=5│xi,β,)Theleadtoformthelikelihoodfunction,themaxImumofwhichisattained谢谢阅读fortheMLestimatesofβτ.精品文档放心下载Forthepurposeexplainingcorporategovernanceratingylisted谢谢阅读panies,theorderedlogitmodelswerespecified.Sincetherating2004wasbasedon精品文档放心下载theNovember2003legalstanding,theexplanatoryvariablesforfinancialperformance精品文档放心下载werecalculatedonthebasisoffinancialstatementsfortheyear2002.精品文档放心下载Thesampleincludesoutof53ratedpanies.Asmanyas16panieshavebeen感谢阅读excludedfromthesample:Eightbanks,oneotherfinancialinstitution,twopanieswith精品文档放心下载thefirstquotationafterJanuary2002,fivepaniesexcludedforotherreasons感谢阅读(dataaccessible,financialstatementsmissinginformation).谢谢阅读Theendogenousvariableyhasbeendefinedas:精品文档放心下载(1)variableCGfivecategoriesappearingoriginal精品文档放心下载sample;(2)variableCG1withonlythreecategories(firsttwothelasttwo谢谢阅读beenbined).ThereasonforconsideringsimplerrankingCG1thesmallsizethe谢谢阅读sampleasparedtothenumberofparameterstoestimatedinthelogitmodel.精品文档放心下载There20financialratiosthathavebeenconsideredexplanatoryvariables.谢谢阅读Theratios,calculatedonthebasisofthepanies’2002financialstatementsareas谢谢阅读follows:Profitabilityratios:P102grossprofitfromsalesmargin,P202operatingprofit感谢阅读margin,P302grossprofitP402profitmargin,ROE02returnequity,谢谢阅读andROA02returnonassets.谢谢阅读Liquidityratios:L102currentratio,L202quickratio,L302acidtest.精品文档放心下载Activityratios:A102amountturnover,A202inventoryturnover,A302感谢阅读operatingcycle,A402liabilitiesturnover,A502cashconversioncycle,A602感谢阅读7/currentassetsturnover,A702assetsturnover.精品文档放心下载ratios:D102fixedassetscoverratio,D202debtmargin,谢谢阅读EBITDA/financialexpenses,D402debt/EBITDA.精品文档放心下载Source:MarkekGruszczynski*,2006.CorporateGovernanceandFinancial谢谢阅读PerformanceofpaniesinPoland”.InternationalAdvancesEconomicResearch,谢谢阅读vol.12,pp.–8/二、翻译文章译文：波兰的公司治理与财务绩效摘要精品文档放心下载的水平由2003年波兰公司治理论坛进行的评级来表示。本模型为复合式模型。感谢阅读内生变量表示评级结果（A-,B+,B,B-,和2002年财务感谢阅读报表为基础的各种财务指标。多元模型的估计结果显示，波兰上市公司的谢谢阅读企业治理水平是与他们应对财务困境的能力、盈利能力及财务杠杆变量相关联。精品文档放心下载（JELC10，O57，G30）波兰上市公司的公司治理评级谢谢阅读业主群体组成的机构对公司独立和高效的监督。公司治理机制的代理成本最小感谢阅读化，即减少了公司的管理人员和业主之间由于市场价值损失而造成的潜在冲突精品文档放心下载（Shleifer和在波兰，自世纪第一个十年开始时，无论在法律上还是业务上，公司治精品文档放心下载谢谢阅读究所于精品文档放心下载20谢谢阅读精品文档放心下载为2005年上市公司的最佳做法已经被接受并执行实施。最佳做法显示，WSE公感谢阅读司治理委员会在企业实践经验的基础上，意见和与会者建议超过了2003-2004谢谢阅读期间的和最近的欧洲委员会在这方面的建议。波兰公司治理论坛对华沙证券交易所进行了两次公司评级，第一次在2001谢谢阅读年，第二次在2004年（Tamowicz等,2001；Dzierzanowski等,2004谢谢阅读个级别中并没有真正可比性，因为提交的第二次评级，大大改变了X围和方法。谢谢阅读2004年的最后评级是对华尔街上最大市值的53精品文档放心下载司的管治事项的法律地位的数据收集时间为2003年11谢谢阅读9/精品文档放心下载谢谢阅读所守则，尤其是特定规则的评注。谢谢阅读的图像，每个公司至少有60个特征被送往考虑。评级的指标变量是从以下几个精品文档放心下载方面：债务重组协议和监事会能力，独立董事成员党有关的交易监督一般股东大会的可达性运作管理委员会审计的独立性反收购防御的缺乏性购买自己股票的规定公司声明的目标和意图透明安排，包括信息公司的查阅。公开披露的评级有五类，从A-到C+。这些被使用到53家公司。作者指出，谢谢阅读信用评级的门类齐全，包括从A至E的等级评分。有五家公司的评级为C+感谢阅读家是的评级，另外还有14家是，13，4家是A-。感谢阅读计量经济学与公司治理表：2004年在华尔街上市的公司治理评级Amica,BZWBK,

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Okocim,Orfe,Rolimpex,Sokolow,Sterprojekt谢谢阅读谢谢阅读Cersanit,Echo,Swiecie,Z˙ywiec精品文档放心下载对公司治理的经济学研究涉及各方的代表公司各类的业绩水平和变量描述感谢阅读精品文档放心下载次被提出，例如，在Bhagat和)，Boersch-Supan和Koeke（2002）感谢阅读/和Gugler精品文档放心下载主要有：监事会的构成（对管理层，董事会的结构依赖度）所有权结构（稀释后的所有权，所有权集中，企业业主，机构投资人，精品文档放心下载管理权）收购（包括经理收购）和首席执行官变化产权结构（债务结构）经理薪酬Boersch-Supan和Koeke（2002）制定的关于公司薄弱治理的计量研究，有精品文档放心下载这几个问题：反向结构因果关系：例如，目前还不清楚股权结构与公司业绩的因果关感谢阅读精品文档放心下载场评估，也可以吸引投资者。缺失变量：在公司治理方面的习惯，主要是解释变量可能不被纳入模型感谢阅读中；此外，该方程linear3.的规格排除了高阶项的存在。谢谢阅读样品选择性：大多数公司治理的实证研究通常只分析上市的大公司，这谢谢阅读样的样本会选择有效的业绩变量和选择研究样本偏差。测量中的变量错误：例如，该公司的表现可通过不同的变量，就像市场谢谢阅读价值，资产报酬率，净资产收益率，税前利润，托宾Q值；这些变量有时是不精品文档放心下载相关的，也就是说，他们用不同的方式衡量相同的性能。谢谢阅读部分数据。Boersch-Supan和（2002）说明了德国几个这样的数据库。感谢阅读公司治理与经济绩效最近在经合组