中国上市公司ST风险的跨层治理研究:基于地域差异视角

发布时间：2018-07-22 19:35

【摘要】：文章实证检验了组织内、组织间和区域三个层面的治理机制对上市公司ST风险的治理效果,发现各层治理机制对上市公司的ST风险都存在一定影响。对上市公司ST风险的治理效果进行了检验发现,呈现较为明显的地域差异性特征:在区域治理层面,东部治理效果明显,中、西部治理效果不明显;在组织间的终极控制权治理层面,东、中部地区的治理效果明显,西部地区不明显;在金字塔结构层面,东部地区金字塔控股结构的"支持"和"掏空"作用都比较明显,中、西部地区都不明显;在组织内治理层面,中部地区只有监事治理机制效果显著,西部地区只有股权集中度的效果明显,由于完善的区域制度环境造就的制度替代,东部地区的组织内治理效果整体不明显。本文的理论贡献在于,检验了不同层次的治理机制对不同区域的公司风险的影响,不仅为上市公司跨区域风险治理提供了有益建议,也丰富了处于非正常状态下的公司风险治理问题的经验成果。
[Abstract]:This paper empirically examines the governance effect of the governance mechanism on St risk of listed companies at the three levels of organization, inter-organizational and regional, and finds that each level of governance mechanism has a certain impact on the St risk of listed companies. The paper tests the governance effect of St risk of listed companies and finds that there are obvious regional differences: at the level of regional governance, the effect of eastern governance is obvious, while the effect of western governance is not obvious; At the governance level of ultimate control among organizations, the effect of governance in the eastern and central regions is obvious, but not obvious in the western region; at the pyramid structure level, the "support" and "tunneling" functions of the pyramid holding structure in the eastern region are more obvious. In the governance level of the organization, only the supervisor governance mechanism in the central region has a remarkable effect, and the western region has only the effect of equity concentration, which is replaced by the system created by the perfect regional institutional environment. The effect of intraorganizational governance in the eastern region is not obvious as a whole. The theoretical contribution of this paper is to examine the influence of different levels of governance mechanisms on corporate risk in different regions, which not only provides useful suggestions for cross-regional risk governance of listed companies, It also enriches the empirical results of corporate risk management in abnormal state.
【作者单位】：浙江工商大学财会学院;中华联合保险控股股份有限公司研究所;中国社会科学院研究生院;
【基金】：国家自然科学基金面上项目(71272143);国家自然科学基金青年项目(71403024) 教育部人文社会科学研究规划基金项目(14YJA790001)
【分类号】：F832.51;F272.3;F271

【参考文献】