行政型治理行为与公司绩效——来自国有控股上市公司的经验证据

发布时间：2018-02-22 14:59

本文关键词： 行政型治理行为财务绩效市场价值　出处：《商业研究》2014年07期 　论文类型：期刊论文

【摘要】：本文以上海证券交易所国有控股公司为研究对象,采用2007-2012年2 820个观测值,从行政型治理行为的视角研究企业社会捐赠、解决就业、支付工资福利、政府退税等行政型治理行为及指数对公司绩效的影响。研究发现:社会捐赠、解决就业、支付工资福利对ROA有显著的负向影响;政府退税对ROA有显著的正向影响;行政型治理行为指数对ROA有显著的负向影响,用ROE1、ROE2、NPR、EPS替代ROA后,结论亦是稳健的;社会捐赠、解决就业、支付工资福利、政府退税及行政型治理行为指数对Tobins’Q有正向影响。以上结论表明行政型治理行为因履行过多的社会责任降低了公司财务绩效,但在股票市场却得到投资者认可,即在一定程度上提升了公司的市场价值。
[Abstract]:This paper takes the state-owned holding company of Shanghai Stock Exchange as the research object, adopts 2 820 observations from 2007 to 2012 to study corporate social donation from the perspective of administrative governance behavior to solve the problem of employment and pay wages and benefits. The study found that social donation, employment, payment of wages and benefits have a significant negative impact on ROA, government tax rebate has a significant positive impact on ROA, government tax rebate has a significant positive impact on corporate performance. The index of administrative governance behavior has a significant negative effect on ROA. After replacing ROA with ROE1 / ROE2NPREPS, the conclusion is steady, social donation, employment, payment of wages and benefits, The above conclusion shows that the administrative governance behavior reduces the financial performance of the company because of fulfilling too much social responsibility, but it is recognized by the investors in the stock market. That is, to a certain extent to enhance the company's market value.
【作者单位】：北京农学院经济管理学院;大公国际资信评估有限公司;
【基金】：中国博士后科学基金第五十二批面上资助项目北京市博士后工作经费资助项目
【分类号】：F276.1;F832.51;D630

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