企业绩效差异来源的董事长效应:来自中国上市公司的经验研究  

The Board Chair Effect as the Source of Firm Performance Difference:An Empirical Study from Chinese List Companies

作　　者：史会斌[1] 杨东[1] SHI Huibin;YANG Dong(School of Economics and Management,Xidian University,Xi'an 710126,China)

机构地区：[1]西安电子科技大学经济与管理学院,陕西西安710126

出　　处：《科学与管理》2021年第1期80-87,共8页Science and Management

基　　金：陕西社科基金项目(2020R046);西安市软科学计划项目(XA2020-RKXYJ-0100)。

摘　　要：董事长作为企业的战略领导者,对企业绩效差异的形成具有重要的影响,本文通过对2007—2017年中国上市公司的研究,利用覆盖了71个行业、1223家公司、2844位董事长的8744个样本点,使用嵌入式方差分解方法,整体上评估了董事长对中国企业绩效差异的解释程度。分析结果显示:中国企业绩效差异的董事长效应约为21%;中国企业绩效差异的董事长效应受到公司所有制和行业类型的影响:国有企业的董事长效应高于非国有企业,高科技企业的董事长效应高于非高科技企业。结论表明董事长是应该受到研究重视的重要战略领导者,董事长与企业绩效之间的关系是一个非常有价值的研究领域,同时在分析董事长与绩效关系的研究中应该加强对情景因素的分析。As the strategic leader of an enterprise,the chairman has an important influence on the enterprise performance differences.Based on the study of Chinese listed companies from 2007 to 2017,using 8744 samples covering 71 industries,1223 companies and 2844 chairmen,this paper uses the embedded variance decomposition methodology to assess the degree of the board chairs'influecne on their companies'performance.The results indicate that the board chair effect of Chinese companies is about 21%;the board chair effect of Chinese companies is influenced by company ownership and industry type:the board chair effect of state-owned companies is higher than that of non-state-owned companies,and the board chair effect of high-tech firms is higher than that of non-high-tech firms.These conclusions not only shows that it is a very valuable research field to study the relationship between board chairs and firm performance,but also shows the importance of contingent factors in the research of board chairs.

关 键 词：董事长效应 企业绩效差异 所有制 行业类型 解释程度 

分 类 号：F270.3[经济管理—企业管理]