CAJ | 학술논문

传统的公司治理研究将处于不同组织环境的企业等同对待,造成了研究结论的较大分歧。本文依据投资机会集（IOS）理论,运用我国上市公司的经验证据,在设定投资机会集的条件下,考察了不同成长性的企业其公司治理对经营绩效的影响。研究结果表明：成长性较高的公司,其经营绩效的改善与独立董事比例、高管层的持股比例显著正相关,但与高管层年薪相关关系不显著;成长性较低的公司,其经营绩效的提高与独立董事比例和高管层的持股比例相关关系均不显著,但与高管层年薪存在弱的正相关关系。
전통적공사치리연구장처우불동조직배경적기업등동대대,조성료연구결론적교대분기。본문의거투자궤회집（IOS）이론,운용아국상시공사적경험증거,재설정투자궤회집적조건하,고찰료불동성장성적기업기공사치리대경영적효적영향。연구결과표명：성장성교고적공사,기경영적효적개선여독립동사비례、고관층적지고비례현저정상관,단여고관층년신상관관계불현저;성장성교저적공사,기경영적효적제고여독립동사비례화고관층적지고비례상관관계균불현저,단여고관층년신존재약적정상관관계。
In the traditional corporate governance investigation,companies in different organizational environment were studied equally,so previous research has been mixed.Based on IOS theory,we examine the effect of corporate internal governance on operating performance under investment opportunity set.Using a sample of growth and non-growth firms in Chinese market,we find： firstly,as for growth firms,the coefficient between improvement in firm performance and proportion of independent directors on the board is positive and significant;the coefficient between improvement in firm performance and increasing shares of top-management is positive and significant;the coefficient between improvement in firm performance and top-management remuneration insignificant.Secondly,as for nongrowth firms,the coefficient between improvement in firm performance and proportion of independent directors on the board is insignificant;the coefficient between improvement in firm performance and increasing shares of top-management is insignificant;the coefficient between improvement in firm performance and topmanagement remuneration is weakly positive and significant.