高管精英治理模式能够提升企业绩效吗?——基于社会连带关系调节效应的研究  

Can Elite Governance of Senior Executives Improve Performance?—Based on the Adjustment Effect of Social Connections

作　　者：张祥建[1] 徐晋[2] 徐龙炳[3] 

机构地区：[1]上海财经大学财经研究所,200433 [2]麻省理工学院斯隆管理学院社会科学研究中心,02139 [3]上海财经大学金融学院,200433

出　　处：《经济研究》2015年第3期100-114,共15页Economic Research Journal

基　　金：国家自然科学基金项目(71073100;71273164;71272010;71473157);教育部人文社会科学基金项目(11YJA630200);上海社科基金项目(2013BGL013);上海财经大学创新团队支持计划;MIT后古典经济学基金项目资助

摘　　要：在精英治理时代,CEO掌控力和社会连带日益成为决定企业效率的内在核心和外在辅助。一个值得研究的问题是,两种不同的因素交叉在一起会对企业绩效产生怎样的影响?本文分析了CEO掌控力和社会连带对企业绩效的影响,重点探讨了社会连带对CEO掌控力和企业绩效的调节效应及传导途径。研究发现:CEO掌控力可以通过提升资源配置能力和创新能力改善企业绩效;CEO社会连带与企业绩效之间具有倒U型关系,归因于社会连带导致的业绩提升效应和业绩损害效应的共同作用;社会连带对CEO掌控力和企业绩效的关系具有倒U型调节效应,这主要是通过社会连带引起的投资扩张效应(资源凝聚作用和协同作用)和钝化效应(连带惰性和连带寻租)实现的。本文的研究揭示了CEO掌控力和社会连带对企业绩效的微观作用机理,对提升企业运营管理和调配资源的能力具有重要的指导作用。In the era of elite governance, the power and social connections of CEO become the inner core capability and external resources which can determine enterprise efficiency. While wewonder what kind of impact will be produced when the two factors combine together？ In this paper, we analyze the effects of CEO＇s power and social connections on enterprise performance, and further focus on the adjustment effects of social connections on the relationship between the power of CEO and corporate performance. We found that there is a positive correlation between the power of CEO and enterprise performance, while there is an inverted U-shaped relation between social connections of CEO and enterprise performance. Furthermore, we proved that social ties play an inverted U-shaped adjustment effect on the relationship between the power of CEO and corporate performance, which is caused by the investment expansion effects and passivation effects. This paper reveals the micro mechanism of the impact of the CEO＇s power and social connections on enterprise performance, and can play an important role in promoting the management capabilities and resources allocation efficiency.

关 键 词：CEO掌控力 社会连带 精英治理 企业绩效 

分 类 号：F271[经济管理—企业管理] F272.5[经济管理—国民经济]