监事会特征的优化能否稳健提升企业经营效率?——来自沪深两市上市公司的证据  

Can the Optimization of the Supervisory Committee Features Robustly Improve the Business Efficiency?——Evidence from the Listed Companies in China

作　　者：熊巍 潘晗 李林巍 刘立新 Xiong Wei;Pan Han;Li Linwei;Liu Lixin(School of Statistics,University of International Business and Economics;School of Economics,Shandong University)

机构地区：[1]对外经济贸易大学统计学院数据科学系 [2]对外经济贸易大学统计学院 [3]山东大学经济学院

出　　处：《调研世界》2022年第3期42-54,共13页The World of Survey and Research

摘　　要：为探究监事会特征对公司业绩的影响,制定科学合理的策略,提高公司治理能力,本文利用2007—2017年沪深两市全部上市公司数据,引入年龄、性别、学历水平、处罚次数等变量,通过构建固定效应模型、分位数回归模型及变指标系数模型,从不同角度全面分析监事会与公司业绩的关系。研究发现:女性人数占比、股东监事人数与监事平均薪酬的增加将显著提升公司业绩,这种正向作用在资产规模大、经营状况好的公司中更加凸显。平均任期、惩罚次数与监事规模的扩大降低了公司业绩。随着公司业绩的提高,监事会的影响程度呈下降趋势。本文为调整监事会规模和结构、强化公司内部监督效力、从而提高公司业绩提供了参考和依据。To explore the influence mechanism of the supervisory committee features on company performance and develop reasonable strategies to improve governance capabilities,the article uses data of all companies listed in Shanghai and Shenzhen stock markets from 2007 to 2017,and introduces variables such as age,gender,academic level and the number of penalties.Then we establish the two-way fixed effect models,threshold regression models,quantile regression and varying index coefficient models to comprehensively analyze the relationship between features of the supervisory committee and the performance of companies from different angles.The study finds that the increase in the proportion of women,shareholder supervisors and the average salary of supervisors has a significant positive impact on performance of companies and the positive impact of is stronger in companies with larger assets size and better state of operation.The increase of average tenure,supervision scale and number of penalties has a negative impact on company performance.Moreover,the impact of the supervisory committee shows a trend of decline when companies have a better performance.The article provides reference for the adjustment of supervisory committee scale and structure,the strengthening of the internal supervisory effectiveness,so as to improve the company performance.

关 键 词：优化监事会特征 公司业绩 双向固定效应 分位数回归 变指标系数模型 

分 类 号：F272[经济管理—企业管理]