公司内部治理机制与绩效的交互效应——基于内生性视角的经验证据  

Interactive Effect between Internal Governance Mechanisms and Corporate Performance——Empirical Evidence Based on the Perspective of Endogeneity

作　　者：周翼翔[1] 

机构地区：[1]浙江树人大学管理学院,浙江杭州310015

出　　处：《山西财经大学学报》2011年第4期93-105,共13页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目"基于利益相关者理论的企业经营绩效综合评价体系研究";项目批准号:70472076

摘　　要：在公司治理机制与绩效关系的研究中,已有文献大都着眼于单个治理机制,并先验地把它们作为外生变量来处理,认为二者之间是一种静态关系。文章以我国1999～2008年间沪深两市509家上市公司为研究对象,从股东、管理层、董事会和债权融资四种内部控制机制之间的联合效应入手研究其与绩效之间的关系,在控制住内生性问题的影响后发现:(1)不同的公司治理机制之间彼此不是独立的,一种治理机制的选择取决于另外一种治理机制;(2)公司治理机制是内生决定的,在静态框架下其与绩效无显著性关联,但在考虑跨期影响的动态框架下二者却有着显著联系;(3)股权结构以非线性的方式影响着公司绩效,管理层持股和控股股东的影响分别呈W型和N型。On the study of the relationship between corporate governance and performance, most previous literatures focus on a single mechanism, deem it as exogenous variables and believe there is a static relationship between the two. This paper takes 509 listed companies of Shanghai and Shenzhen during 1999-2008 as the research object after controlling the effect of endogeneity, and the joint effect of shareholders, management, board of directors and debt financing. The conclusions are： （ 1 ）different corporate governance mechanisms are not independent, the choice of one mechanism depends on the other; （2）corporate governance mechanisms are endogenously determined and the two lack significant association in the static framework, but reverse in dynamic framework; （3）owner-ship structure acts on corporate performance in a nonlinear way, in which W-type and N-type of managerial ownership and controlling shareholder respectively to corporate performance.

关 键 词：内部治理机制 企业绩效 内生性 

分 类 号：F276.6[经济管理—企业管理]