公司治理改进了智力资本的价值创造效率吗?——基于我国A股上市公司的分位数回归估计  

Does Corporate Governance Improve the Value Added Efficiency of Intellectual Capital？A Quantile Regression Analysis on Chinese A-share Listed Firms

作　　者：傅传锐[1] 

机构地区：[1]福州大学经济与管理学院

出　　处：《中大管理研究》2014年第3期25-55,共31页China Management Studies

基　　金：福建省社会科学规划项目“主并企业智力资本对并购绩效的作用机制研究”(项目号:2010C010);福州大学科技发展基金项目“智力资本、宏观经济环境与并购行为研究”(项目号:12SKQ08);福州大学引进人才基金项目“基于智力资本的企业价值评估研究”(项目号:022246)的资助

摘　　要：知识经济时代，管理者是否积极有效地培育、管理智力资本，提高智力资本价值创造效率成为其能否实现企业、股东价值最大化的重要保证。本文从智力资本开发管理活动的高风险性、现有契约中关于智力资本的受托责任缺失以及智力资本信息披露的匮乏等方面对智力资本开发管理活动中存在的代理问题进行理论分析，并选取2002---2011年间我国A股上市公司为样本，运用分位数回归方法系统考察了股权结构、董事会结构与管理层激励等公司治理机制对智力资本价值创造效率的影响。研究发现，特定机制的治理效应，不仅在智力资本与物质资本间存在差异，而且存在随着企业所处的特定资源要素价值创造效率的层次变化而变化的动态特征。就智力资本而言，股权治理存在总体强势的治理效应，管理层激励次之，而董事会的治理作用有限。多维度的实证结论为我们构建智力资本导向型的治理结构提供了较为丰富的政策涵义。In the era of knowledge economy, how to effectively nurture, develop and leverage intellectual capital is of crucial importance for the firm management to pursuit maximum wealth for the shareholders. The paper first attempts to theoretically analyze the agent problems in developing and managing intellectual capital from three aspects： high risk associated with intellectual capital activity, absence of the fiduciary responsibility of corporate management for developing intellectual capital, and the lack of reporting of intellectual capital related information. Then the author adopts quantile regression approach to empirically test the relationship between corporate governance and value added efficiency of intellectual capital with a sample of Chinese A-share listed firms during 2002-201 I. The results demonstrate that the governance effect of specific governance mechanism varie with the resource types and the levels of value added efficiency. For intellectual capital, ownership structure has a much more important governance effect than management incentives. However, the board of directors has a quite limited governance effect. The empirical results provide us with frnitful suggestions about how to construct the intellectual capital oriented corporate governance system

关 键 词：公司治理 智力资本 价值创造效率 分位数回归 

分 类 号：F832.51[经济管理—金融学] F271