┊┊┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊┊┊┊┊┊摘要公司治理作为一种制度安排，其目的在于界定企业中最主要利益主体之间的相互关系，在要素所有者之间分配由要素结合带来的收益以及解决战略决策和管理问题。
良好的公司治理是公司的宝贵资源，它通过合理安排公司利益相关者之间的关系，提高公司决策的质量，提升公司的价值，给投资者带来丰厚的回报。
很多国外的研究结果表明，投资者愿意为公司治理水平好的公司支付更高的价格，即公司治理存在溢价。
公司治理溢价既是面向证券市场和投资者的价值溢价，也是上市公司治理效率的动态评价和市场反馈，不同的公司治理安排体现着不同的治理溢价。
那么在中国上市公司中，是否也存在着公司治理溢价？本文在系统综述国内外相关研究成果的基础上，以2012年我国金融类十四家上市公司为研究样本，从股东治理、董事会治理、监事会治理、高管激励四个公司治理维度选取10个公司治理变量，以托宾值Q作为衡量公司绩效的指标。
采用实证研究的方法，分析公司治理溢价的存在性、各维度公司治理指标与企业价值的相关性。
实证分析结果表明: 公司治理水平与企业价值相关，金融类上市公司存在公司治理溢价。
最后，针对中国上市公司治理存在的问题，提出了建立多元化股权上市公司、适当构建董事会监事会和改革对高管的激励机制三条政策建议。
关键词:公司治理，治理溢价，公司绩效，相关性┊┊┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊┊┊┊┊┊AbstractAs an institutional arrangement of the corporate governance, its aim is to define the relationship between the main shareholders of the company, distribute the company income to all the factor owners, make the company’s strategies and solute the management problems. Good corporate governance is a scarce resource of the company; it enhances the company's value and brings good returns to investors by arranging reasonable relationships among stakeholders for the company, improving the quality of corporate decisions. Many foreign research results show that investors are willing to pay higher prices for companies of good corporate governance and improve the existence corporate governance premium. Governance Premium is not only for stock market and investors but also the listing Corporation governance efficiency feedback, different corporate governance arrangements reflect different governance premium.So, is there a corporate governance premium existing in the Chinese stock market?In this paper, based on the relevant research results at home and abroad, uses the China's financial fourteen listing Corporation as research sample In 2012.the paper analyzes premium mechanisms of corporate governance from four dimensions of corporate governance as shareholders governance, board governance, board of supervisor governance and executive incentive: and Select ten corporate governance variables. Use Tobin Q as a measure of corporate performance indicators. Through empirical analysis method, this paper analyzes the existence of corporate governance premium, correlations of each dimension corporate governance index and the enterprise value，The results of the study show that: the corporate governance and enterprise value are related, Chinese financial listing companies have governance premium. At last, for corporate governance problems of Chinese public research, the paper proposes three policy recommendations companies found by the which are as follows:establishing public companies with diversified equities company, re-build board of directors and the board of supervisors, reform on senior management incentives.Keywords: corporate governance;governance premium; corporate Performance; relationship┊┊┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊┊┊┊┊┊目录一、引言 (1)（一）研究背景和意义 (1)（二）文献综述 (1)1.国外文献综述 (2)2.国内文献综述 (3)（三）研究内容和研究思路 (4)二、我国金融类上市公司的形成和发展 (6)（一）银行类上市公司 (6)（二）证券类上市公司 (8)（三）保险类上市公司 (10)三、治理溢价的机理分析 (11)（一）股东治理的溢价机理分析 (11)1.股权集中度 (11)2.股权结构 (13)（二）董事会治理的溢价机理分析 (14)1.董事会规模 (15)2.董事会结构 (16)（三）监事会治理的溢价机理分析 (17)（四）高管激励的溢价机理分析 (18)四、研究设计和实证分析 (21)（一）样本选取与数据来源 (21)（二）研究变量设计 (21)1.公司治理变量设计 (21)2.公司价值变量设计 (21)3.控制变量设计 (23)（三）研究假说 (24)（四）实证结果与分析 (24)1股东治理与公司绩效相关性 (24)2董事会特征与公司绩效 (28)3监事会事会特征与公司绩效 (30)4高层管理人员激励与公司绩效 (31)五、研究结论与政策建议 (33)致谢 (36)参考文献 (36)┊┊┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊┊┊┊┊┊CONTENTS1 introduction ....................................................................................... 错误！未定义书签。
1.1 writing background .................................................................... 错误！未定义书签。
1.2 Literature Review ....................................................................... 错误！未定义书签。
1.2.1 Studies abroad ...................................................................... 错误！未定义书签。
1.2.2 Domestic academic research ................................................ 错误！未定义书签。
1.3 the research ideas and franmeworks ........................................... 错误！未定义书签。
2 Our financial listed companies in the formation and development .. 错误！未定义书签。
2.1 Bank of listed companies..................................................... 错误！未定义书签。
2.2 Securities listed companies................................................. 错误！未定义书签。
2.3 Insurance listed companies................................................. 错误！未定义书签。
3 Governance Mechanism premium .................................................... 错误！未定义书签。