文章构建了公司治理系统逻辑关系框架。公司治理系统的逻辑起点是个人的自由意志，并且依次展开形成治理系统逻辑体系，这是首创的分析框架。个人具有自由意志，能够自由自主与环境相互作用，从而形成相应态度，态度决定行为，行为培养能力，凭借能力可以支配资源，能力和资源共同形成权力，权力支配利益形成权利，权利体系构成治理系统，并产生相应治理绩效。文章构建了自主程度治理指数。结合国内外指数构建方法，在构建公司治理系统逻辑关系框架基础上，确立指数构建的原理依据，根据各利益相关者的权利地位大小，首次构建了自主程度治理指数，用来衡量公司各利益相关者的自主程度，并分析自主程度高低与绩效之间关系，从而检验从逻辑关系框架推导出的结论是否符合现实。文章构建了权利关系量化分析新方法。能力支配资源形成权力，权力支配利益形成权利。而能力包含于人力资源中，人力资源加物质资源可代表权利，因而可以从"投入资源"衡量权利的形成。权利投入科层或市场之中获得控制权，因而可从"控制权的行使"衡量权利的实施。"获取的收益"代表权利实施的结果。综合而言，权利关系包括三部分：权利的形成、权利的实施、权利实施的结果。文章实证分析指标也是从这三个部分选取相应指标而测量权利关系的。文章实证分析了自主程度与治理绩效之间的关系。首次运用动态面板模型将自主程度分析与绩效分析联系起来估计，实证结果表明，各利益相关者自主程度越高，公司治理绩效越好，有较为明显的正向关联。文章的主要创新之处在于：从个人相互作用角度分析公司治理系统。个人与个人相互作用，形成个人的整合体，公司治理中的个人整合体就是各个利益相关者，并从利益相关者角度构建指数，是从利益主体角度而不是普遍采用的机制角度构建指数，因为机制也是个人与个人相互作用形成的。自主程度指数是一种全新的指数，与国内外文献相关指数，比如合规指数等，意义不同。建立了权利关系量化分析新方法。自主程度治理指数通过权利大小来衡量，选取了权利指标的三个部分构成——投入的资源、控制权的行使、获取的收益，这是量化分析自主程度的关键一步。首次将自主程度分析与绩效分析联系起来，并且采用了动态面板模型来分析。

This paper constructs the logical relation framework of corporate governance system. The logical starting point of corporate governance system is the individual's free will, and the logical system of governance system is successively expanded, which is the first analytical framework. Individuals have free will, so that they can interact with the environment freely and autonomously, thus form corresponding attitudes, and attitudes determine behavior, behavior can train competence, competence can dominate resources, competence and resources together form power, power dominates interests form rights, the right system constitutes the governance system and produces the corresponding governance performance.This paper constructs the autonomy degree governance index. Combined with domestic and foreign index construction methods, on the basis of constructing the logical relationship framework of corporate governance system, this paper establishes the principle basis of index construction. According to the power status of each stakeholder, this paper constructs the degree of autonomy governance index for the first time, which is used to measure the degree of autonomy of each stakeholder of the company, and analyzes the relationship between the degree of autonomy and performance, so as to test whether the conclusion derived from the logical relationship framework conforms to the reality.This paper constructs a new quantitative analysis method of rights relation. Competence dominates resources to form power, while power dominates interests to form rights. And competence is contained in human resources, and human resources plus material resources can represent rights, so the formation of rights can be measured from "invested resources". The right is put into the hierarchy or market to gain control, so the implementation of the right can be measured from the "exercise of control". "Revenue received" represents the result of the enforcement of rights. Generally speaking, the relationship of rights includes three parts:the formation of rights, the implementation of rights, and the results of the implementation of rights. In this paper, the empirical analysis indicators are also selected from these three parts to measure the right relationship.This paper empirically analyzes the relationship between autonomy degree and governance performance. It would also be the first time that autonomy degree analysis was linked to performance analysis, the dynamic panel model is used to estimate the empirical analysis results, the empirical analysis results show that the higher the degree of autonomy of each stakeholder is, the better the corporate governance performance is, and there is an obvious positive correlation.The main innovation points of this paper are as follows:1) Analyzing corporate governance system from the perspective of individual interaction. The interaction between individuals forms individual integration system, the individual integration system in corporate governance system is the various stakeholders, so we can construct index from a stakeholder perspective, rather than from a commonly used institutional perspective, because the mechanism is also formed by the interaction between individuals. 2) Autonomy Degree Index is a brand new index. Autonomy Degree Index should be constructed for the first time. There are related indexes in domestic and foreign literature, such as regular index, but their meanings are different from this index. 3) Establishing a new quantitative analysis method of rights relations. Autonomy Degree Index is measured by the size of power, and it selects three parts of the right index:invested resources, exercise of control rights and acquisition of benefits, which is a key step for quantitative analysis of the degree of autonomy. 4) It is also the first time to link the degree of autonomy analysis with performance analysis, and the dynamic panel model is adopted for analysis, which is relatively new.

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国家社会科学基金项目"人民币国际化背景下中国跨境资本流动风险监测、预警和监管研究"（17BJY197）