产经评论
產經評論
산경평론
INDUSTRIAL ECONOMIC REVIEW
2014年
4期
128-140
,共13页
转型%公司绩效%公司治理%行政型治理
轉型%公司績效%公司治理%行政型治理
전형%공사적효%공사치리%행정형치리
political affiliation%company performance%corporate governance%administrative control
国有企业的公司治理改革呈现出由传统的行政型治理向经济型治理演进转型的过程。选取2005-2009年持续经营的国有上市公司为样本，构建了行政型治理指数；进而对行政型治理与公司绩效的关系从不同维度进行了分析。研究结果显示，行政型治理度对公司绩效产生负面影响。其中，国有股权集中度是行政型治理“负效应”的“主要贡献者”；而政府经营政治化、高管人员的政治联系则在一定程度上有利于公司绩效的提升；最后，揭示了行政型治理对公司绩效的作用路径，行政型治理度越强，资产利用效率越低，进而影响到公司绩效的提升。相关结论有利于政府作为公司重要外部监管力量来界定监管和干预的边界；为探索党组织嵌入公司治理的有效途径提供了一定的理论基础。
國有企業的公司治理改革呈現齣由傳統的行政型治理嚮經濟型治理縯進轉型的過程。選取2005-2009年持續經營的國有上市公司為樣本，構建瞭行政型治理指數；進而對行政型治理與公司績效的關繫從不同維度進行瞭分析。研究結果顯示，行政型治理度對公司績效產生負麵影響。其中，國有股權集中度是行政型治理“負效應”的“主要貢獻者”；而政府經營政治化、高管人員的政治聯繫則在一定程度上有利于公司績效的提升；最後，揭示瞭行政型治理對公司績效的作用路徑，行政型治理度越彊，資產利用效率越低，進而影響到公司績效的提升。相關結論有利于政府作為公司重要外部鑑管力量來界定鑑管和榦預的邊界；為探索黨組織嵌入公司治理的有效途徑提供瞭一定的理論基礎。
국유기업적공사치리개혁정현출유전통적행정형치리향경제형치리연진전형적과정。선취2005-2009년지속경영적국유상시공사위양본，구건료행정형치리지수；진이대행정형치리여공사적효적관계종불동유도진행료분석。연구결과현시，행정형치리도대공사적효산생부면영향。기중，국유고권집중도시행정형치리“부효응”적“주요공헌자”；이정부경영정치화、고관인원적정치련계칙재일정정도상유리우공사적효적제승；최후，게시료행정형치리대공사적효적작용로경，행정형치리도월강，자산이용효솔월저，진이영향도공사적효적제승。상관결론유리우정부작위공사중요외부감관역량래계정감관화간예적변계；위탐색당조직감입공사치리적유효도경제공료일정적이론기출。
Corporate governance reform of SOEs has shown from the traditional administrative governance to economic governance. The administrative governance in this type of treatment showing a low efficiency,but the performance of the basic mechanism of multi-dimensional performance and need to be further clarified. This study selected 2005 to 2009 continually operated state-owned listed companies as samples. Firstly,use factor analysis to extract the three administrative elements,to build the administrative-type governance index. Then analyze the relationship between administrative governance and firm performance from different levels. The results show that administrative governance has a negative impact on corporate performance,but the per-formance is different depends on elements. Among them,the concentration of state-owned shares is the“ma-jor contributors”to governance“negative effect”;the political government-run,executives of political ties are conducive to a certain extent,business performance improvement;finally,this paper reveals executive-type role on business performance management path. The stronger the degree of administrative-type manage-ment,the lower asset turnover. Then it affects business performance improvement. Relevant conclusions will help as the company's important external regulatory power of government regulation and intervention in defining the boundaries;party to explore effective ways to embed corporate governance to provide a theoretical basis.
