摘要
摘 要
2020年爆发的新冠肺炎疫情不仅给人们的生命健康造成了巨大的威胁，也给
中国经济的发展、股票市场的稳定造成了巨大的冲击。公司治理效率是决定公司
发展和经营的关键因素之一，现有研究表明，较高的公司治理效率能对公司的代
理问题起到良好的治理效应、对企业的经营决策起到优化作用，同时有助于企业
价值的提升。是否那些治理效率较高的公司能有效的帮助企业降低疫情对股价的
冲击，进而提升股票市场表现呢？如果可以，那么公司治理效率又是如何发挥作
用的呢？在哪些情况下，这种作用又会更为有效呢？
本文选取我国 2020年沪深 A股上市公司进行研究，得出以下结论：第一，
疫情期间公司治理效率越高的公司，其股票市场反应越好，具体表现为，股票的
超额累计回报率越高、波动性越低、收益率越高。第二，公司治理效率越高的企
业，其现金持有水平越高，进而提升疫情期间股票的市场表现。因为在疫情期间
现金持有具有较高的预防价值，进而有效降低了企业陷入经营困境的概率，稳定
了投资者情绪，提升了疫情期间股票的市场表现。第三，对公司治理结构异质性
进行分组回归研究发现，在股权集中度较低、董事会委员会设置完整、管理层薪
酬激励较高的企业中，公司治理效率越高，其股票市场表现更好。第四，在湖北
省上市公司中，公司治理效率越高的公司，其股票的市场表现更好，股价的超额
累计回报率更高、波动性更低。
本文可能存在的贡献有：第一，丰富了公司治理效率经济后果相关的文献、
补充了疫情期间公司股票市场表现相关的文献；第二，基于公司治理效率的视角
出发，论证了疫情期间公司治理效率抑制股价暴跌、提高股价稳定性的原因；第
三，从公司治理结构异质性的角度，研究各异质结构在疫情期间发挥的作用；第
四，本文总结了公司治理效率在疫情期间发挥的作用，并为企业、投资者提出了
有价值的建议。不确定性将是未来我国经济发展的常态，企业应重视公司的治理
效率以及危机管理能力，不断提升自身的抗风险能力；为保障投资财产安全，投
资者应选择公司治理效率较高的公司进行投资。
关键词：公司治理效率；股票市场表现；公司治理结构异质性
I
Abstract
Abstract
The outbreak of COVID-19 in 2020 not only posed a huge threat to people's lives
and health, but also caused a huge impact on China's economic development and the
stability of the stockmarket. Determining a company to workand operation
efficiently can be contributed to several factors and Corporate governance efficiency
is the most important one.Existing studies show that higher corporate governance
efficiency can play a good governance effect on the agency problem of a company,
optimize the operation decision of a company, and contribute to the improvement of
corporate value. Can thosecompanies with better governance effectivelyhelp
companies reduce the impact of the epidemic on their stock prices and thus improve
the performance of the stock market? So how does corporate governance efficiency
work during the epidemic of COVID-19? Under whichcircumstances can the
corporate governance efficiency do a better job?
This paper selects China's A-share listed companies in Shanghai and Shenzhen in
2020 to conduct research, and draws the following conclusions: First, companies with
higher corporate governance efficiency during the epidemic period will have better
stock market response, specifically, the higher the excess cumulative return rate, the
lower the volatility, and the higher the return rate. Second, the more efficient the
corporate governance, the higher the level of cash holdings, thus improving the stock
market performance during the epidemic. Cash holding has a high preventive value
during the epidemic, which effectively reduces the probability of enterprises falling
into business difficulties, stabilizes investor sentiment and improves the market
performance of stocks during the epidemic. Thirdly, after the regression under
different corporate governance structure, consequence shows that higher the corporate
governance efficiencythata companypossess, thebetterthe stockmarket
performance can be found during the epidemic of COVID-19, especially in the those
enterprises with lower ownership concentration, complete board committee and
II
Abstract
higher management compensation incentive. Fourthly, among listed companies in
Hubei Province, the higher the efficiency of corporate governance, the better the
market performance of their stocks, the higher the excess cumulative return of stock
prices, and the lower the volatility.
There are possible several contributions in this dissertation, which are showed in
the follow text:firstly, the literature of corporate governance efficiency in the part of
economic consequence has been enriched, and the literature related to the stock
market performance of companies during the epidemic has been supplemented;
Second, from the perspective of corporate governance efficiency, it demonstrates the
reasons why corporate governance efficiency restrains stock price collapse and
improves stock price stability during the epidemic. Thirdly, from the perspective of
corporate governance structure heterogeneity, the role of various heterogeneous
structures during the epidemic was studied. Fourth, this paper summarizes the role of
corporate governance efficiency during the epidemic and puts forward valuable
suggestions for enterprises and investors. Uncertainty will be the normal state of
China's economic development in the future. Enterprises should pay attention to
corporate governance efficiencyand crisis management ability,and constantly
improve their ability to resist risks. In order to ensure the safety of investment
property, investors should choose companies with higher efficiency of corporate
governance to invest.
Keywords ： Corporategovernanceefficiency;Stockmarket performance;
Heterogeneity of corporate governance structure
III