创业板上市公司CEO权力强度对公司业绩的影响研究

发布时间：2018-01-02 23:29

本文关键词：创业板上市公司CEO权力强度对公司业绩的影响研究　出处：《首都经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：本文以企业内部高管团队核心人物CEO的权力大小为切入点,选取2013-2015年度符合筛选条件的193家创业板上市公司为研究样本,分析最高层管理者权力大小对企业绩效表现及其波动性产生的影响。同时,加入外部制度环境这一调节变量,综合考察企业所处的外部环境对CEO权力大小和企业绩效及其波动性之间关系的影响。在梳理相关研究文献的基础上,提出相应的假设,同时,借鉴前人相关研究并结合我国创业板上市公司的实际情况选取了八个测度CEO权力大小的具体指标。在实现CEO权力强度量化的前提下,考虑相关控制变量和因变量衡量指标的选取,并设定相关模型进行回归分析。本次实证研究的结果表明,对以高新技术企业为主的创业板上市公司而言,CEO权力大小与企业绩效表现呈负相关关系,与绩效波动性之间虽呈负相关但不显著。CEO权力越大可能导致企业较差的绩效表现,但同时也会带来较小的绩效波动性即较低的经营风险,因此,董事会任命公司CEO时一定要权衡其权力大小所带来的利与弊、成本与收益,以保证在稳定风险的前提下实现业绩的最大化。此外,实证结果还表明好的外部制度环境能对公司的绩效产生正向影响,当企业处于较为完善的外部制度环境时,CEO权力大小与企业绩效之间的负向关系会被削弱。由此可见,加强各地区治理环境的建设对于促进创业板企业发展,带动地方经济增长具有重要意义。
[Abstract]:This paper takes the power of CEO as the starting point and selects 193 listed companies in 2013-2015 as the research sample. This paper analyzes the influence of the power of the top managers on the performance and volatility of the firm. At the same time, it adds the external institutional environment as a regulating variable. This paper comprehensively examines the influence of the external environment on the relationship between CEO power and corporate performance and volatility. On the basis of combing the relevant research literature, this paper puts forward the corresponding assumptions and at the same time. Draw lessons from previous relevant research and combined with the actual situation of China's gem listed companies selected eight specific indicators to measure the size of CEO power. Under the premise of realizing the quantification of CEO power intensity. Consider the selection of relevant control variables and dependent variables, and set up a model for regression analysis. The results of this empirical study show that, for the gem listed companies which are mainly high-tech enterprises. There is a negative correlation between CEO power and performance performance, and a negative correlation between CEO power and performance volatility. The greater the power of CEO may lead to poor performance. But at the same time, it will bring lower performance volatility, that is, lower operating risk. Therefore, the board of directors must weigh the advantages and disadvantages, costs and benefits brought by the size of power when the board of directors appoints the company CEO. In order to ensure the maximization of performance under the premise of stable risk, the empirical results also show that a good external institutional environment can have a positive impact on the performance of the company. When enterprises are in a relatively perfect external institutional environment, the negative relationship between CEO power and corporate performance will be weakened. Strengthening the construction of regional governance environment is of great significance for promoting the growth of gem enterprises and promoting local economic growth.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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