管理科学
管理科學
관이과학
MANAGEMENT SCIENCES IN CHINA
2013年
4期
1-12
,共12页
创业板%企业生命周期%公司成长性%公司治理
創業闆%企業生命週期%公司成長性%公司治理
창업판%기업생명주기%공사성장성%공사치리
growth enterprises market%corporate life cycle%corporate growth%corporate governance
选取截止到2011年底高管所持股票已过禁售期的90家创业板公司作为研究样本，采用最小二乘法分析高管减持和股权结构对创业板公司成长性的影响，研究一股独大的股权结构下公司治理机制对成长性的作用。研究结果表明，核心管理者减持对公司成长性的负面影响显著，初始股权结构是影响处于成长期的创业板公司成长性的主要因素，创业板公司在严格的监管制度下形成被动合规，在股权高度集中的背景下董事会、监事会以及其他内部治理机制的作用弱化，治理的有效性短时间内难以显现；嵌入企业生命周期变量后发现，随着公司的发展，独立董事和监事会的职能逐渐凸显；加强对核心管理者减持行为的监管和优化股权结构有利于提升公司成长性，而创业板公司治理的高起点、高合规性在未来能够成为创业板公司真正实现高成长的制度保障。
選取截止到2011年底高管所持股票已過禁售期的90傢創業闆公司作為研究樣本，採用最小二乘法分析高管減持和股權結構對創業闆公司成長性的影響，研究一股獨大的股權結構下公司治理機製對成長性的作用。研究結果錶明，覈心管理者減持對公司成長性的負麵影響顯著，初始股權結構是影響處于成長期的創業闆公司成長性的主要因素，創業闆公司在嚴格的鑑管製度下形成被動閤規，在股權高度集中的揹景下董事會、鑑事會以及其他內部治理機製的作用弱化，治理的有效性短時間內難以顯現；嵌入企業生命週期變量後髮現，隨著公司的髮展，獨立董事和鑑事會的職能逐漸凸顯；加彊對覈心管理者減持行為的鑑管和優化股權結構有利于提升公司成長性，而創業闆公司治理的高起點、高閤規性在未來能夠成為創業闆公司真正實現高成長的製度保障。
선취절지도2011년저고관소지고표이과금수기적90가창업판공사작위연구양본，채용최소이승법분석고관감지화고권결구대창업판공사성장성적영향，연구일고독대적고권결구하공사치리궤제대성장성적작용。연구결과표명，핵심관리자감지대공사성장성적부면영향현저，초시고권결구시영향처우성장기적창업판공사성장성적주요인소，창업판공사재엄격적감관제도하형성피동합규，재고권고도집중적배경하동사회、감사회이급기타내부치리궤제적작용약화，치리적유효성단시간내난이현현；감입기업생명주기변량후발현，수착공사적발전，독립동사화감사회적직능축점철현；가강대핵심관리자감지행위적감관화우화고권결구유리우제승공사성장성，이창업판공사치리적고기점、고합규성재미래능구성위창업판공사진정실현고성장적제도보장。
Selecting 90 growth enterprises market ( GEM) companies as the research sample , whose stocks held by executives had overpassed lock-up period by the end of 2011, this study applies OLS methods to analyze the impact of executives′share reduc-tion and ownership structure on the growth of GEM companies , and then explores the impact of the corporate governance mecha-nism using dominance of ownership structure on GEM companies′growth.The results show that:core managers′share reduction significantly and negatively impacts companies′growth, the initial ownership structure is the main factor that affects the growth of GEM companies , GEM companies form passive compliance under a strict regulatory regime , and the board of directors , board of supervisors, as well as other internal governance mechanisms play a limited role in the highly concentrated equity .Thus, the u-tility of corporate governance is not obvious in the short time .Embedding the corporate life cycle , the research demonstrates that functions of independent directors and board of supervisors become prominent with the development of companies .Conclusions indicate that the enhancement of supervision of core managers′share reduction behaviors and the optimization of the ownership structure are conducive to reinforce companies′growth.High starting point and high compliance of GEM companies′governance will be the institutional guarantee to realize corporate high-growth in the future .
