国有企业党委会参与公司治理对公司价值的影响——高管团队信息断裂带的作用机制  

The Impact of Party Committee Involvementin Corporate Governance on Firm Value:The Mechanism of Executive Team Information Fragmentation

作　　者：徐建新[1] 张梓琪 刘悦雯 XU Jianxin;ZHANG Ziqi;LIU Yuewen(School of Management,Hangzhou Dianzi University,Hangzhou Zhejiang 310018,China)

机构地区：[1]杭州电子科技大学管理学院,浙江杭州310018

出　　处：《杭州电子科技大学学报(社会科学版)》2025年第2期25-36,46,共13页Journal of Hangzhou Dianzi University:Social Sciences

基　　金：国家社会科学基金项目(22BGJ039);教育部人文社科研究项目(20YJA630073)。

摘　　要：基于2010—2021年沪深A股上市的国有企业样本数据,探讨了在国有企业中,党委会参与公司治理对公司价值的影响,并分析了高管团队信息断裂带在其中的影响和作用机制。研究发现:党委会对公司治理的参与程度对公司价值存在正向影响,更进一步,当党委会分别进入董事会、监事会和高管层参与公司的治理时,对公司价值都会产生显著的影响;高管团队信息断裂带在参与程度与公司价值之间呈现倒U型的调节作用,高管团队信息断裂带强度较低和较高时,会抑制党委会参与公司治理对公司价值的正向影响,只有强度适中时,党委会参与公司治理才能较大程度提升公司价值。Utilizing a dataset encompassing State-Owned Enterprises(SOEs)listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2021,this study explores the impact of the Party Committee's participation in corporate governance on firm value and analyzes the influence and mechanism of the executive team's information fragmentation.The study finds that the degree of the Party Committee's involvement in corporate governance has a positive effect on firm value.Furthermore,when the Party Committee participates in the company's governance by entering the board of directors,the supervisory board,and the executive layer,it significantly affects firm value.The executive team's information fragmentation exhibits an inverse U-shaped moderating effect between the degree of involvement and firm value.When the intensity of the executive team's information fragmentation is low or high,it suppresses the positive impact of the Party Committee's participation in corporate governance on firm value.Only when the intensity is moderate can the Party Committee's involvement significantly enhance firm value.

关 键 词：党委会 公司治理 公司价值 高管团队信息断裂带 

分 类 号：F271[经济管理—企业管理]