权变视角下董事会领导结构与公司绩效--基于中国上市公司两职分离模式的视角  

Structure of the Board of Directors and Firm Performance from the Contingency Perspective: Empirical Study on the Separation Pattern of the Chinese Listed Companies

作　　者：郝洁[1] 郝云宏[2] 汪茜[3] 

机构地区：[1]浙江工商大学财务与会计学院,浙江杭州310018 [2]浙江工商大学工商管理学院,浙江杭州310018 [3]西安财经学院陕西现代企业管理研究中心,陕西西安710100

出　　处：《商业经济与管理》2017年第2期33-42,共10页Journal of Business Economics

基　　金：浙江省社会科学规划项目"合规治理;家族控制;长远战略:代际传承背景下浙江家族企业董事会治理有效性问题研究"(15JDZS01Z);浙江省自然科学基金项目"基于制度合法性与行为有效性相结合的上市公司董事会治理有效性研究以及浙江实证"(Y16G020007);浙江省高校人文社会科学重点研究基地(浙江工商大学工商管理学科)项目"股权相对集中下第二大股东的制衡机理研究:动因;路径及制衡效果"(JYTgs20151105)

摘　　要：文章以2008-2014年的中国A股上市公司为样本,验证了不同业绩水平下CEO与董事长领导结构与公司绩效的关系。研究发现:(1)对于两职合一的公司,当公司当前绩效较差时,实施两职分离对公司未来绩效产生显著的正向影响;(2)对于两职合一的公司,当公司当前绩效较差时,实施两职分离对公司未来绩效产生显著的正向影响,且实施离职分离对公司未来绩效产生显著的正向影响,而学徒分离、降级分离对公司未来绩效的影响并不显著;(3)对于两职分离的公司,当公司当前绩效良好时,实施两职合一对公司未来绩效产生显著的正向影响;(4)在国有企业中,公司的当前绩效与两职合一不存在显著的相关关系;(5)在绝对控股结构下,公司的当前绩效与高管变更显著负相关,公司的当前绩效与结构变更不存在显著的相关关系。文章对于进一步完善公司董事会领导结构提供了直接的经验证据。Based on the research sample of the A-stock listed companies during 2008 -2014 in China, this paper testifies the relationship between the leadership structure of the CEO and the chairman and the corporate performance. The result shows that （ 1 ） for the two-in-one duty companies, when the current firm performance is poor, the implementation of two duties after separation pro- duced significant positive effect on firm performance, and the implementation of turnover separation produced significantly negative influence on firm performance. （2）When the current firm performance is poor, the implementation of two-duty separation produced positive impact on firm performance, and the implementation of turnover separation produced significant positive impact on firm per- formance. Yet apprentice separation or demotion separation impact on performance is not significant. （3） For the two-duty separated companies, when the current firm performance is good, the implementation of two duties together produced positive effect on firm per- formance. （d） In the state-owned enterprises,the company＇ s current performance is not significantly related to the leadership struc- ture of CEO duality. （5） Under the single largest shareholder structure, the company＇ s current performance is negatively related to the executive changes significantly, but there is no significant relationship between the company＇ s current performance and the leader structure change. The paper provides direct empirical evidence for further improving the structure of the board of directors of the listed companies.

关 键 词：权变视角 董事会领导结构 两职分离 两职合一 

分 类 号：F270[经济管理—企业管理]