董事会战略介入如何影响企业内部资本市场活跃度?  

How does the Board's Strategic Involvement Affect the Vitality of Internal Capital Market?

作　　者：周建 潘玲玲[1,2] 王鑫 ZHOU Jian;PAN Lingling;WANG Xin(Nankai University,Tianjin 300071;Nankai University Binhai College,Tianjin 300270)

机构地区：[1]南开大学中国公司治理研究院,天津300071 [2]南开大学商学院,天津300071 [3]南开大学滨海学院,天津300270

出　　处：《首都经济贸易大学学报》2023年第4期69-81,共13页Journal of Capital University of Economics and Business

基　　金：国家自然科学基金面上项目“差异化组织治理、董事会战略决策权配置与企业战略决策有效性研究”(71672088);教育部学位中心“2019年优秀案例教师工作计划”项目(JS2019004);天津市2020年度哲学社会科学规划重点委托课题“中美经贸摩擦背景下天津市持续改善营商环境研究”(TJZDWT202001-13)。

摘　　要：内部资本市场的活跃程度是判断企业资源配置能力的显著标志,而包括董事会和首席执行官(CEO)在内的战略负责人是企业资源配置的直接决策者。基于2015—2019年沪深A股上市公司样本数据,以企业内部的资本配置作为切入点,探讨董事会的战略介入如何影响企业内部资本市场的活跃度并检验CEO权力在其中的调节作用。研究结果显示,董事会战略介入程度与企业内部资本市场活跃度呈倒U型曲线关系。进一步研究显示,CEO权力平滑了上述倒U型关系,即CEO权力可以部分替代董事会战略介入的作用。企业内部资本市场活跃度与企业绩效之间并未表现出显著的倒U型关系。研究结论不仅有助于规范企业内部资本市场运作,而且也为公司治理结构的优化和动态能力的提升提供了参考。The vitality of internal capital market is a significant sign to judge the ability of company's resource allocation,and the strategic leaders,including the board of directors and the CEO,are the direct decision makers of company's resource allocation.This article attempts to research“How does the board of directors affect the company's resource allocation?”from the perspective of the company's internal capital allocation.The above research question can be specified from three aspects:First,how does the board of directors,as the leader of strategic decision-making,affect the vitality of the company's internal capital market through strategic involvement?Second,what role does the CEO,as the head of the executive team,play in the process of the board's strategic involvement in the company's internal capital market?Finally,how does the vitality of the internal capital market contribute to corporate performance?This paper uses the sample data of Chinese A-share listed companies from 2015 to 2019 to conduct an empirical test.The empirical study shows that:The relationship between the degree of board's strategic involvement and the vitality of the internal capital market presents an inverted U-shaped curve.This indicates that in the early stage of board's strategic involvement,the board of directors can promote the vitality of the internal capital market through the function of resource provision,supervision,and suggestion.However,once the board's strategic involvement becomes excessive,due to the limitations of the board of divectorsprofessional skills,tome,and energy,the increase of the degree of board's strategic involvement will inhibit the vitality of the company's internal capital market.Further research shows that CEO power can smooth the inverted U-shaped relationship between the degree of board's strategic involvement and the vitality of company's internal capital market.This indicates that the effect of board's strategic involvement will be constrained by CEO power.Finally,it is found that there is no sign

关 键 词：董事会战略介入 CEO权力 内部资本市场活跃度 企业绩效 

分 类 号：F275[经济管理—企业管理]