治理环境,金字塔结构与公司业绩

发布时间：2018-05-25 20:15

本文选题：金字塔结构 + 公司业绩　；参考：《系统工程理论与实践》2017年08期

【摘要】：本文采用2005-2014年A股上市公司数据,研究公司内部金字塔结构和外部治理环境对公司业绩的影响.结果显示:第一,无论是衡量金字塔结构横向特征的"金字塔链条数",还是衡量金字塔结构纵向特征的"两权偏离度",都与公司业绩显著正相关;第二,外部治理环境的改善,能够提高公司业绩,尤其能够显著提升国有企业的绩效水平;第三,公司内部的金字塔结构和外部治理环境对公司业绩的影响具有交互作用,具体表现为,随着治理环境的改善,金字塔链条数对公司业绩的正效应增强(即递增效应),两权偏离度和终极所有者持有的现金流权对公司业绩的正效应减弱(即替代效应).本文的研究结论支持政府释权理论,为政府控股下的企业集团混合所有制改革提供理论参考与经验借鉴.
[Abstract]:Based on the data of A share listed companies from 2005 to 2014, this paper studies the influence of internal pyramid structure and external governance environment on corporate performance. The results show that: first, whether the "number of pyramid chains" that measure the horizontal characteristics of the pyramid structure or the "degree of deviation" of the vertical characteristics of the pyramid structure are significantly positively related to the company's performance; second, the improvement of the external governance environment. Can improve corporate performance, especially can significantly improve the performance of state-owned enterprises; third, the internal pyramid structure and external governance environment has an interactive impact on corporate performance, in particular, With the improvement of governance environment, the positive effect of pyramid chain number on corporate performance is enhanced (I. E. incremental effect, the deviation of two rights and the positive effect of the ultimate owner's cash flow right to corporate performance are weakened (that is, substitution effect). The conclusion of this paper supports the theory of government interpretation and provides a theoretical reference and experience for the reform of mixed ownership of enterprise groups under the control of government.
【作者单位】：东北财经大学会计学院/中国内部控制研究中心;北京大学光华管理学院;大连理工大学管理与经济学部;
【基金】：国家自然科学基金(71471031,71171036,71471027,71171031) 国家社会科学基金重点研究项目(14AZD089) 中国博士后科学基金(2014M551099) 辽宁特聘教授支持计划(辽教发[2013]204号)~~
【分类号】：F275;F832.51

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