CEO二元性、代理成本与公司绩效——基于倾向评分匹配法分析

发布时间：2018-01-05 07:16

本文关键词：CEO二元性、代理成本与公司绩效——基于倾向评分匹配法分析　出处：《会计之友》2017年22期 　论文类型：期刊论文

【摘要】：CEO二元性是上市公司治理中的一项重要内容,CEO二元性是否能够较好地根植于我国上市公司的土壤有待考察。文章选取2010—2016年我国上市公司数据,利用倾向评分匹配法实证分析CEO二元性的影响因素,进一步分析CEO二元性对公司代理成本以及绩效的影响,以考察我国上市公司CEO二元性的有效性。基于倾向评分匹配法,回归发现CEO持股、CEO年龄、股权集中度、国有持股、董事会规模、公司规模、公司年龄是影响CEO二元性的重要因素。其中,前两项因素对CEO二元性有显著正向影响,后几项对CEO二元性产生显著负的影响。实证分析发现CEO二元性对公司绩效的提升不显著,但造成了上市公司代理成本的上升,其对上市公司绩效产生了抑制效应。此外,相较于非国有企业,国有或国有控股企业的CEO二元性对公司绩效的抑制效应更为明显。
[Abstract]:Duality of CEO is an important part of corporate governance. Whether the duality of CEO can be well rooted in the soil of listed companies in China remains to be investigated. This paper selects the data of listed companies in China from 2010 to 2016. Using the tendency score matching method to analyze the influence factors of CEO duality and further analyze the influence of CEO duality on agency cost and performance. In order to investigate the effectiveness of CEO duality of listed companies in China, based on the tendency score matching method, regression found that the age of CEO CEO, ownership concentration, state-owned ownership, board size, company size. The company age is an important factor that affects the duality of CEO. Among them, the first two factors have a significant positive effect on the duality of CEO. Empirical analysis shows that the duality of CEO has no significant effect on corporate performance, but it leads to the rise of agency costs of listed companies. In addition, compared with the non-state-owned enterprises, the CEO duality of state-owned or state-controlled enterprises has a more obvious inhibitory effect on corporate performance.
【作者单位】：长春工业大学人文信息学院;
【分类号】：F272.91;F275;F832.51
【正文快照】： 一、引言改革开放以来,我国从计划经济转型为中国特色的社会主义市场经济,经济腾飞,创造了中国奇迹。企业逐步成为市场经济主体,公司治理模式备受关注,而公司的高管尤其是公司的CEO发挥着举足轻重的作用。CEO作为公司最重要的管理者之一,对公司所有重大事务和人事任免进行决策

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