董事会非正式层级、投资效率与公司期权价值  

Board Informal Hierarchy,Investment Efficiency and Equity Value

作　　者：薛坤坤[1] 王凯[2,3] Xue Kunkun;Wang Kai(School of Business,Zhengzhou University,Zhengzhou 450001,China;China ESG Research Institute,Capital University of Economics and Trade,Beijing 100070,China;School of Business Administration,Capital University of Economics and Trade,Beijing 100070,China)

机构地区：[1]郑州大学商学院,河南郑州450001 [2]首都经济贸易大学中国ESG研究院,北京100070 [3]首都经济贸易大学工商管理学院,北京100070

出　　处：《中国海洋大学学报（社会科学版）》2023年第3期67-78,共12页Journal of Ocean University of China(Social Sciences)

基　　金：国家自然科学基金“董事会权力结构、决策类型与企业投资效率研究”(72002205);河南省哲学社会科学规划项目“国企混改背景下股东异质性影响企业双元创新的路径研究”(2021CJJ150);北京市属高等学校优秀青年人才培育计划项目“北京市上市公司ESG行为的财务绩效转化机制及优化路径研究”(BPHR202203163)。

摘　　要：利用2005—2021年沪深A股上市公司数据,实证检验董事会非正式层级对公司投资效率和期权价值的影响。研究发现,董事会非正式层级能够改善公司投资支出与投资机会的关系,提高公司投资灵活性,减少公司过度投资和投资不足等非效率投资行为。此外,董事会非正式层级能够提高公司的增长期权价值,即给定净资产,盈利能力较好公司的价值与净利润之间的凸增关系更明显。董事会非正式层级对公司清算期权价值的影响在非国有企业、政府补贴较少的样本中显著,表明政府对公司财务状况的行政干预降低了公司治理机制对公司清算期权价值的影响。研究对进一步完善公司治理结构和现代企业制度具有重要指导意义。Based on the data of Chinese Shanghai and Shenzhen A-share listed companies from 2005 to 2021,the paper empirically tests the influence of board informal hierarchy on investment efficiency and equity value.The results show that the board informal hierarchy can improve investment expenditure and opportunities,and is characterized by increasing the flexibility of investment and reducing the inefficient investment behaviors such as over-investment and under-investment.In addition,the board informal hierarchy can improve the value of the growth option of the company,that is,given the net assets,the value of the company with better profitability has a more obvious convex increase relationship with the net profit.The influence of board informal hierarchy on put option value is significant in non-state-owned enterprises and the sample with less government subsidies,which indicates that the administrative intervention of government in corporate financial situation reduces the influence of corporate governance mechanism on put option value.The research is of important guiding significance to further improve the corporate governance structure and modern enterprise system.

关 键 词：董事会非正式层级 投资效率 增长期权 清算期权 

分 类 号：F271[经济管理—企业管理]