国有企业高管政治关联、公司治理与企业价值——基于董事长、总经理个人动机的视角  

Political Relevance of State-owned Enterprise Executives,Corporate Governance and Enterprise Value:Based on the Perspective of Individual Motivation of Chairman and General Manager

作　　者：代飞[1] 

机构地区：[1]武汉理工大学管理学院,武汉430070

出　　处：《云南财经大学学报》2018年第2期103-112,共10页Journal of Yunnan University of Finance and Economics

摘　　要：基于国企高管政治关联个人动机的视角,运用2012-2015年沪、深A股国有上市公司平衡面板数据,就国企高管政治关联对企业绩效和企业价值影响的主效应以及公司治理水平在其中的调节效应进行了实证分析。实证发现:(1)国企高管政治关联能提高企业绩效,公司治理水平对两者关系有正向调节作用,但均不显著。(2)国企高管政治关联显著地损害了企业价值,公司治理水平对两者关系有显著的负向调节效应。研究结果表明,基于个人动机的政治关联,国企高管为通过国资委对其政绩和业绩的双重考核而实现个人的政治目标,会过于追求企业的短期利益,最终损害了企业的长期利益。Based on the perspective of the individual motivation of senior executives of state - owned enterprises, this research uses the balanced panel data of Shanghai and Shenzhen A - share state - owned listed companies to empirically analyze the main effect of political relevance of state - owned enterprise executives on enterprise performance and enterprise value, and the moderating effect of corporate governance on them. The empirical study indicates that （ 1 ） the political rele- vance of state- owned enterprise executives can improve enterprise performance, and corporate governance level has an insignificant positive moderating effect on their relationship. （2） The political relevance of state - owned enterprises executives significantly damages the value of enterprises, and corporate governance level has a significant negative adjustment effect on them. The re- suits show that based on the personal motivation of political relevance, state - owned enterprise ex- ecutives will pursue the short - term interests of enterprises too much and ultimately damage the long - term interests of enterprises in order to achieve their personal political objectives through the double assessment of their achievements and performance of SASAC.

关 键 词：国有企业 政治关联 公司治理 企业价值 企业绩效 

分 类 号：F275[经济管理—企业管理]