波兰的公司治理与财务绩效[文献翻译]

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1、原文：CorporateGovernanceandFinancialPerformanceofCompaniesinPolandAbstractTheresearchpresentedinthepaperisaimedatexaminingtherelationshipbetweenthelevelofcorporategovernanceandthefinancialperformanceoflistedcompaniesinPoland.Thecorporategovernancedegreeisexpressedbytheoutco

2、mesofaratingof2003performedbyPolishCorporateGovernanceForum.Theattemptedmodelsareoforderedmultinomialtype.Endogenousvariablerepresentstheratingoutcome(A-,B+,B,B-,andC+),whiletheexogenousvariablesincludevariousfinancialindicatorsevaluatedonthebasisofthe2002financialstateme

3、nts.TheestimatedorderedlogitmodelsshowthatthelevelofcorporategovernanceofcompaniesinPolandisassociatedwiththeirabilitytocopewiththefinancialdistress,asexpressedbythedegreeofliquidity,profitabilityandthefinancialleveragevariables.(JELC10,O57,G30)CorporateGovernanceRatingsf

4、orPolishCompaniesFromtheperspectiveofacompany,thecorporategovernancemeans:independentandefficientsupervisingbody,transparentandaccuratebooks,strongshareholders’rightsandequaltreatmentofallownersgroups.Mechanismofcorporategovernanceminimizestheagencycosts,i.e.,reducestheco

5、mpany’smarketvaluelossresultingfromapotentialconflictbetweenthemanagersandtheowners(ShleiferandVishny,1996).InPoland,thecorporategovernancequestionshavebeenaddressedsincethebeginningofthefirstdecadein21stcentury,bothlegallyandoperationally.Goodsourceofinformationoncurrent

6、issuesinthisareaisPolishCorporateGovernanceForum(PCFG)foundedin2000bytheInstituteforMarketEconomics(http://www.pfcg.org.pl/).WarsawStockExchange(WSE)hasadoptedthecorporategovernanceprinciplesonthePolishmarketsince2002,withalllistedcompaniesdeclaringthattheywouldobservemos

7、tofthebestpracticerules(http://www.gpw.com.pl/).Sincethen,thenewdocument,entitledBestpracticesinpubliccompanies2005hasbeenacceptedforimplementation.TheBestpracticesexpressthecorporategovernancestandingofWSEbasedonpracticalexperience,opinionsandsuggestionsofmarketparticipa

8、ntsovertheperiodof2003Y2004andtherecentEuropeanCommissionrecommendationsinthisfield.PolishCorpor