CAJ | 학술논문

较好的财务治理能够降低委托代理成本,降低股东和债权人的信息不对称风险,从而使企业运行效率更高。研究发现,投资效率在财务治理对经营绩效的影响中起到了部分中介的作用,即财务治理能够提高企业的投资效率,从而对经营绩效产生一定程度的积极作用。而这种积极作用主要是通过财务控制和财务监督实现的,财权配置和财务激励所体现的财务治理功能效果并不明显。因此,国内公司治理的重点可能已经不是监督和控制的问题,更多的注意力应当放在利益相关者之间的财权配置和财务激励上。
교호적재무치리능구강저위탁대리성본,강저고동화채권인적신식불대칭풍험,종이사기업운행효솔경고。연구발현,투자효솔재재무치리대경영적효적영향중기도료부분중개적작용,즉재무치리능구제고기업적투자효솔,종이대경영적효산생일정정도적적겁작용。이저충적겁작용주요시통과재무공제화재무감독실현적,재권배치화재무격려소체현적재무치리공능효과병불명현。인차,국내공사치리적중점가능이경불시감독화공제적문제,경다적주의력응당방재이익상관자지간적재권배치화재무격려상。
Good financial governance can reduce agency costs and the risk of information asymmetry between shareholders and creditors,thus leading to better corporate managing performance.This paper finds that investment efficiency plays an intermediate role in the effect of financial governance on managing performance,namely better financial governance can improve corporate investment efficiency,thus improving managing performance to a certain extent.The positive effect of financial governance is mainly achieved by financial control and supervision,and the governance functions of financial distribution and incentives are not significant.Therefore,the emphasis of corporate governance in China should be on financial power distribution between stakeholders and financial incentives rather than supervision and control.