共同股东与公司治理趋同  

Common shareholders and corporate governance convergence

作　　者：向元高 罗进辉[2] XIANG Yuangao;LUO Jinhui(School of Economics and Management,Tongji University,Shanghai 200092,China;School of Management,Xiamen University,Xiamen 361005,China)

机构地区：[1]同济大学经济与管理学院,上海200092 [2]厦门大学管理学院,厦门361005

出　　处：《系统工程理论与实践》2023年第6期1568-1596,共29页Systems Engineering-Theory & Practice

基　　金：国家社会科学基金重大项目(22ZDA045)。

摘　　要：基于中国A股上市公司年度观察配对样本,本文采用对偶模型检验了共同股东对公司间治理趋同的影响,结果发现:(1)如果两个公司存在共同股东,则公司间的治理特征将更加趋同;(2)机制检验结果表明,当公司内部信息环境越好或外部信息环境越差时,上述趋同效应越明显,说明趋同效应源于共同股东能更有效地获取不同公司的内部治理信息;同时,共同股东持股比例越高或行业竞争越激烈时,上述趋同效应越明显,说明趋同效应源于共同股东的协同治理动机;(3)中介效应分析结果表明,向不同的公司委派相同的董事、监事或高管是共同股东促使公司间治理特征趋同的重要途径.此外,本文还基于共同股东特征或企业特征进行了丰富的拓展性分析.本文基于公司间效应这一新的研究视角为共同股东对微观企业的治理影响提供了新的经验证据.This study investigates the effect of common ownership on the convergence of corporate governance characteristics in Chinese A-share listed firms using a pair model.Our analysis indicates that firms with common ownership exhibit greater convergence in their governance characteristics.We then identify that the convergence effect is stronger when firms have better internal information environments or weaker external ones,suggesting that common shareholders are better able to obtain and share internal governance information.Additionally,we find that higher common ownership levels and increased industry competition lead to more significant convergence,highlighting the importance of collaborative motivations of common owners.Furthermore,our mediating analysis shows that sharing board members,members of the board of supervisors,and executives mediates the relationship between common ownership and governance characteristic convergence.Finally,we conduct a series of cross-sectional analyses based on common owner and firm characteristics.Our research contributes to the literature by shedding light on the inter-firm governance effect of common ownership.

关 键 词：共同股东 公司治理 趋同效应 

分 类 号：F272[经济管理—企业管理]