企业控制权配置特征对经理管理防御的影响——基于实际控制人视角  

The Impact of Corporate Control Rights Configuration Characteristics on Manager Management Defense: From the Perspective of Actual Controller

作　　者：吴建祥[1,2] 李秉祥 WU Jian-xiang;LI Bing-xiang(School of Economics and Management,Xi′an University of Technology,Xi′an 710054,China;School of Statistics,Xi′an University of Finance and Economics,Xi′an 710100,China)

机构地区：[1]西安理工大学经济与管理学院,西安710054 [2]西安财经大学统计学院,西安710100

出　　处：《商业研究》2019年第7期112-126,共15页Commercial Research

基　　金：国家自然科学基金项目,项目编号:71772151;陕西省教育厅专项科研项目,项目编号:17JK0294;国家社会科学基金项目,项目编号:19BTJ056;国家统计局统计科学研究项目,项目编号:2018LY48

摘　　要：企业控制权配置是解决经理管理防御的有效手段,还是导致经理管理防御的重要根源?本文以2013年至2017年我国A股上市公司为样本,实证考察企业控制权配置的结构特征变量对经理管理防御程度的影响。利用全样本研究发现:实际控制人控制权、现金流权和委派董事比例越大,实际控制人的监督效应占主导,经理管理防御程度越弱;股权制衡度、机构投资者持股比例、两职分离、独立董事比例、董事会和经理层持股比例越高,制衡度的特征变量发挥其制衡作用,经理管理防御程度越弱;第二大股东持股比例越高经理管理防御程度越强。进一步研究发现,在国有企业和非国有企业中,企业控制权配置的特征变量对经理管理防御的影响存在显著的差异。因此,应通过调整企业控制权配置中的控制度与制衡度的特征变量,以达到控制权对经理人激励和约束的双重效应,从而减少经理管理防御行为,提高企业资源配置效率。Is enterprise control configuration rights an effective means to solve managerial defense,or an important source of managerial defense?Based on the sample of A-share listed companies in China from 2013 to 2017,this paper empirically examines the impact of structural characteristics of corporate control rights allocation on managerial defense.Using the full sample study,it is found that the greater the proportion of control rights,cash flow rights and appointed directors of actual controllers,the dominant supervisory effect of actual controllers,and the weaker the managerial defense;the higher the proportion of equity balance,institutional investors′shareholding,separation of two positions,independent directors,board of directors and managers′ shareholding,the more the characteristic variables of the checks and balances play their checks and balances role,and the weaker the managers′management defense;the higher the proportion of the second largest shareholders,the stronger the managers′management defense.Further research finds that in state-owned enterprises and non-state-owned enterprises,there are significant differences in the impact of characteristic variables of corporate control rights allocation on managerial defense.Therefore,we should adjust the characteristic variables of control degree and balances degree in the allocation of corporate control rights,in order to achieve the dual effects of control rights on managers′incentives and constraints,decreasing managers′ management defense behaviour and effectively improving the efficiency of resource allocation.

关 键 词：企业控制权配置 经理管理防御 实际控制人 产权性质 

分 类 号：F270[经济管理—企业管理]