CAJ | 학술논문

基于全国12个城市1268家企业的调查数据，本文考察了公司治理结构对于员工福利和企业绩效的影响。根据企业在16个约束经理人行为的治理结构上的表现，文章构建了一个公司治理指数。员工福利是以小时工资、养老保险覆盖率和其他一系列的指标来度量的。基准回归显示，治理结构好的企业不仅利润率高，而且提供给了员工更好的福利。进一步的回归分析显示：为了追求个人短期内的利益，经理入会削减各类员工的福利以及培训支出，这损害了企业的利润率；而好的公司治理能够约束经理人，调整他们在员工福利上的决策，使其符合股东的利益。
기우전국12개성시1268가기업적조사수거，본문고찰료공사치리결구대우원공복리화기업적효적영향。근거기업재16개약속경리인행위적치리결구상적표현，문장구건료일개공사치리지수。원공복리시이소시공자、양로보험복개솔화기타일계렬적지표래도량적。기준회귀현시，치리결구호적기업불부리윤솔고，이차제공급료원공경호적복리。진일보적회귀분석현시：위료추구개인단기내적이익，경리입회삭감각류원공적복리이급배훈지출，저손해료기업적리윤솔；이호적공사치리능구약속경리인，조정타문재원공복리상적결책，사기부합고동적이익。
Based on a survey of 1,268 Chinese private firms, this paper studies the effects of corporate governance on labor welfare. I construct a governance index using the incidence of sixteen structures that discipline managers. Labor welfare is measured by a number of indicators including hourly wage, pension coverage, insurance, severance benefits and average tenure. Regressions carried out on a rich set of specifications show that firms with a higher level of corporate governance not only have higher profitability but also provide better labor welfare. More findings suggest that, pursuing private benefits, managers tend to cut training expenses and various payments on labors, which hurts firm performance; whereas sound corporate governance reduces managerial discretion, adjusting their decisions on labor welfare in line with the interests of shareholders.