CAJ | 학술논문

以Tobin′s Q衡量企业价值，以2007年至2012年中国上市企业为样本，采用单变量分析和多元线性回归方法，实证检验中国上市企业管理层权力对企业价值的影响、产品市场竞争对企业价值-管理层权力敏感性的影响。研究结果表明，中国上市企业面临的产品市场竞争程度显著影响企业价值对管理层权力的敏感性，当产品市场竞争激烈时，中国上市企业管理层拥有的综合权力对企业价值具有显著正向影响，具有较高的教育背景和持有企业股权的管理层能为企业带来更好的价值，总经理和董事长两职兼任以及较高的独立董事比例更有助于改善企业价值；产品市场竞争较弱时，企业价值与管理层权力综合指标以及管理层权力的不同维度之间均不存在显著相关性。研究结果表明赋予管理层适当的权力，同时提高产品市场竞争程度，能有效提高企业价值。
이Tobin′s Q형량기업개치，이2007년지2012년중국상시기업위양본，채용단변량분석화다원선성회귀방법，실증검험중국상시기업관리층권력대기업개치적영향、산품시장경쟁대기업개치-관리층권력민감성적영향。연구결과표명，중국상시기업면림적산품시장경쟁정도현저영향기업개치대관리층권력적민감성，당산품시장경쟁격렬시，중국상시기업관리층옹유적종합권력대기업개치구유현저정향영향，구유교고적교육배경화지유기업고권적관리층능위기업대래경호적개치，총경리화동사장량직겸임이급교고적독립동사비례경유조우개선기업개치；산품시장경쟁교약시，기업개치여관리층권력종합지표이급관리층권력적불동유도지간균불존재현저상관성。연구결과표명부여관리층괄당적권력，동시제고산품시장경쟁정도，능유효제고기업개치。
Employing Tobin′s Q as measurement of firm value , based on the sample of listed firms in China during the period from 2007 to 2012, this paper investigates the impact of managerial power on firm value and the firm value -managerial power sensitivi-ty under different product market competition by using univariate analysis and multivariate linear regression analysis method .The main empirical results indicate that the firm value-managerial power sensitivity differs under different product market competition in China.There is significantly positive relationship between firm value and managerial composite power when the product market competition is strong.The managers who own stakes , or have high level of education background may improve firm value , the du-ality of manager and chairman and higher proportion of independent directors have strong and positive influence on firm value un -der strong competition .There is no significant relationship between firm value and managerial power including composite index and all its dimensions when the product market competition is weak .These results demonstrate that both managerial power and product market competition can improve firm value .