异质性企业内部治理机制的非线性治理效应研究

发布时间：2017-12-31 21:14

本文关键词：异质性企业内部治理机制的非线性治理效应研究　出处：《商业研究》2017年07期 　论文类型：期刊论文

【摘要】：企业内部的激励机制与监督机制可能发挥非线性的治理作用。本文利用我国上市公司的微观数据,实证检验企业内部治理机制的非线性治理效应,探讨企业异质性特征可能产生的影响。结果发现:高管隐性薪酬和显性薪酬两种激励机制呈现显著的"倒U型"治理特征;第一大股东持股比例、独立董事比例分别呈现显著的"U型"和"倒U型"治理特征;董事会规模和监事会规模两种机制的非线性效应并不明显,两者仅呈现显著的线性负相关关系,而董事长与总经理两职兼任则呈现显著的正相关关系;企业异质性特征会显著影响企业内部治理机制的非线性治理效应。这些实证结果验证了企业治理机制的非线性作用机理,为企业完善内部治理提供一定的参考。
[Abstract]:The incentive mechanism and supervision mechanism within the enterprise may play a role in corporate governance. In this paper, the nonlinear with micro data of China's listed companies, the governance effect of the internal governance mechanism of nonlinear empirical test of enterprises, to explore the influence of the characteristics of the firm heterogeneity may be produced. The results showed that the implicit salary and salary incentive mechanism of dominant two significant "inverted U type" governance characteristics; the proportion of the first largest shareholder, the proportion of independent directors respectively showed "U" type and "inverted U" governance characteristics; the non linear effects of size and the size of the board of supervisors of the two mechanisms is not obvious, only two showed a significant linear negative correlation, and the chairman and general manager two part-time staff is significantly positively correlated; nonlinear effect of governance characteristics of the firm heterogeneity significantly affects the internal corporate governance mechanism. These empirical results prove the enterprise governance The nonlinear mechanism of the mechanism provides a certain reference for the enterprise to improve the internal governance.

【作者单位】：暨南大学产业经济研究院;华南师范大学经济与管理学院;
【分类号】：F271;F275;F832.51
【正文快照】： 现代公司制度企业所有权和经营权的两权分离,为避免委托-代理问题,必须通过一系列的激励机制和监督制衡机制,构建一套健全有效并且规范的组织制度来完善企业内部治理结构,从而使企业经营者能够做到真正的自主经营。可见,完善公司治理结构是现代公司制度实施的保证,亦是提高企

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