企业生命周期、公司治理与公司资本配置效率  

Corporate Life-cycle, Corporate Governance and Corporate Capital Allocation Efficiency

作　　者：李云鹤[1] 李湛[2] 唐松莲[3] 

机构地区：[1]华东师范大学金融与统计学院 [2]上海交通大学安泰经济与管理学院 [3]华东理工大学商学院会计系

出　　处：《南开管理评论》2011年第3期110-121,共12页Nankai Business Review

基　　金：教育部人文社科基金青年项目(09YJC630072)资助

摘　　要：现有关于公司治理机制对公司非效率资本配置治理效果的检验大多局限于静态层面,本研究通过构建企业生命周期划分指标,从企业发展进程的动态层面考察我国上市公司资本配置效率的动态演变,并检验公司治理机制在企业不同生命周期中的治理效果。结果表明,我国上市公司过度投资随企业生命周期呈先降后升的趋势变化,且不同阶段差异显著,但投资不足在企业生命周期内几乎不发生变化。公司治理机制对公司资本配置效率的治理效果随企业生命周期发生演变。在过度投资组,董事长与总经理两职合一在成长阶段显著抑制过度投资;大股东持股在衰退阶段加剧过度投资。在投资不足组,管理层持股能够降低公司投资不足;成长阶段中董事长与总经理两职合一、成熟阶段中的独立董事反而加剧投资不足。Almost all of the literature related corporate capital allocation efficiency to corporate governance has been studied from static perspective.Using the data of China’s listed firms during the period 2002-2007,this paper conducted a research on corporate capital allocation efficiency from dynamic perspective by designing a new index of corporate life-cycle,and examined the impact of corporate governance on corporate allocation efficiency.The findings indicate that corporate allocation efficiency was evolved with corporate lifecycle,and the degree of over-investment is decreasing at first then increasing with corporate lifecycle,while the underinvestment is invariant.The corporate governance is also changing with corporate lifecycle,for the group of over-investment,the dual-ity variable has impact on over-investment at growth stage;while the independent director at maturity stage and large stock holder at decline exaggerate over-investment,but the other variable of corporate governance have no any impacts.For the group of underin-vestment,manager holding stocks is helpful to cut down corporate underinvestment trough corporate life cycle,while duality variable at growth stage and independent director at maturity stage exaggerate underinvestment,but the other variables of corporate governance have any impact.These results inspire us to improving and adjusting the corporate governance for corporate capital allocation efficiency with much more attention to the firm lifecycle features,and then identified and made targeted improvement.Our paper contributes to the literature in at least two ways： this paper proposes a new method to classify firm lifecycle stages by unifying the merits of classification methods of scoring on four indicators including sales growth rate,capital expenditure,earnings retained ratio and firm age,and of sales growth by industry under the practical situation of China’s listed firms.Then,we analyzed in depth,the relationship between corporate capital allocation efficiency and corporate gover

关 键 词：资本配置效率 过度投资 投资不足 公司治理 企业生命周期 

分 类 号：F272[经济管理—企业管理] F275[经济管理—国民经济]