经理市场、管理才能专用性与外聘高管规模——基于民营上市公司的经验证据  

Managerial Labor Market, Managerial Ability Specificity, and the Size of External Top Managers——Evidence from Private Listed Companies

作　　者：袁春生[1] 韩洪灵[2] 吴丽丽[1] 

机构地区：[1]江西师范大学财政金融学院,江西南昌330022 [2]浙江大学管理学院,浙江杭州310058

出　　处：《华东经济管理》2015年第8期110-117,共8页East China Economic Management

基　　金：国家自然科学基金项目(71262025);江西省社会科学规划基金项目(14GL52)

摘　　要：高管管理才能是企业经营不可或缺的专用性资产。公司治理目标不仅在于解决管理者道德风险,还在于挑选出优秀的管理者。文章考察管理才能专用性和经理人市场发育对企业外聘高管规模的影响,以及经理人市场发育是否会弱化管理才能专用性对外聘高管规模的影响程度。以2007-2013年间民营上市公司为样本的研究发现:管理才能专用性越强,企业更愿意聘用内部人为公司高管;经理人市场发育越好,企业聘用外部高管的比例越高;在经理人市场发育良好的地区,管理才能专用性对外聘高管规模的影响较弱;研究还发现,经理人市场发育对企业外聘高管规模的影响比对外部董事规模的影响更显著。文章丰富了资产专用性和高管聘用方面的研究成果。Managerial ability of top managers is an indispensable specific asset for enterprise operation. The objective of corporate governance is not only to solve the management moral hazard,but also to select the excellent management. This paperdiscusses the impacts of managerial ability specificity and managerial labor market on the size of outside top managers,andwhether the development of managerial labor market weakens the impact of managerial ability specificity on the size of outsidetop managers. Using the sample of Chinese private listed companies from 2007 to 2013,the study shows that： The more specific the managerial ability,the more willingness the enterprises are inclined to internal promotion; The more developed themanagerial labor markets,the higher proportion the enterprises employ external top managers;Moreover,the impact ofmanagerial ability specificity on the size of external top managers will weaken in more developed managerial labor markets;The impact of the development of managerial labor market on the size of external top managers is more significant than that ofexternal directors. The paper enriches the literatures in asset specificity and top manager employment.

关 键 词：高管聘用 资产专用性 经理人市场 民营上市公司 公司治理 

分 类 号：F406.15[经济管理—产业经济]