权变视角下董事会领导结构与公司绩效--基于中国上市公司两职分离模式的视角

发布时间：2018-01-05 07:10

本文关键词：权变视角下董事会领导结构与公司绩效--基于中国上市公司两职分离模式的视角　出处：基于中国上市公司两职分离模式的视角　论文类型：期刊论文

【摘要】：文章以2008-2014年的中国A股上市公司为样本,验证了不同业绩水平下CEO与董事长领导结构与公司绩效的关系。研究发现:(1)对于两职合一的公司,当公司当前绩效较差时,实施两职分离对公司未来绩效产生显著的正向影响;(2)对于两职合一的公司,当公司当前绩效较差时,实施两职分离对公司未来绩效产生显著的正向影响,且实施离职分离对公司未来绩效产生显著的正向影响,而学徒分离、降级分离对公司未来绩效的影响并不显著;(3)对于两职分离的公司,当公司当前绩效良好时,实施两职合一对公司未来绩效产生显著的正向影响;(4)在国有企业中,公司的当前绩效与两职合一不存在显著的相关关系;(5)在绝对控股结构下,公司的当前绩效与高管变更显著负相关,公司的当前绩效与结构变更不存在显著的相关关系。文章对于进一步完善公司董事会领导结构提供了直接的经验证据。
[Abstract]:The article takes Chinese A-share listed companies as samples from 2008 to 2014. The relationship between CEO and chairman leadership structure and corporate performance under different performance levels was verified. The study found that: 1) when the company's current performance is poor. The implementation of two job separation has a significant positive impact on the company's future performance; For a company with two positions in one, when the company's current performance is poor, the implementation of the separation of two positions has a significant positive impact on the company's future performance. And the implementation of separation has a significant positive impact on the company's future performance, while the apprenticeship separation, demotion separation has no significant impact on the company's future performance; (3) for the separated company, when the company's current performance is good, the implementation of two positions in one has a significant positive impact on the company's future performance; 4) in state-owned enterprises, there is no significant correlation between the current performance of the company and the integration of two positions; 5) under the absolute holding structure, the current performance of the company is negatively correlated with the change of executives. There is no significant correlation between current performance and structural change. This paper provides direct empirical evidence for the further improvement of the leadership structure of the company's board of directors.
【作者单位】：浙江工商大学财务与会计学院;浙江工商大学工商管理学院;西安财经学院陕西现代企业管理研究中心;
【基金】：浙江省社会科学规划项目“合规治理、家族控制、长远战略:代际传承背景下浙江家族企业董事会治理有效性问题研究”(15JDZS01Z) 浙江省自然科学基金项目“基于制度合法性与行为有效性相结合的上市公司董事会治理有效性研究以及浙江实证”(Y16G020007) 浙江省高校人文社会科学重点研究基地(浙江工商大学工商管理学科)项目“股权相对集中下第二大股东的制衡机理研究:动因、路径及制衡效果”(JYTgs20151105)
【分类号】：F271;F275;F832.51
【正文快照】： 一、问题提出董事会领导结构与公司绩效的关系问题一直备受研究的关注,且研究主要基于代理视角与统一指挥视角展开。代理观点支持两职分离,并认为CEO兼任董事长不利于提升公司绩效[1-2]。统一指挥观点则持相反观点[3-4]。目前有关两职分离与否对公司绩效的影响,至今没有得出

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