哈尔滨工业大学学报：社会科学版
哈爾濱工業大學學報：社會科學版
합이빈공업대학학보：사회과학판
Journal of Harbin Institute of Technology(Social Sciences Edition)
2013年
4期
66~74
,共null页
管理层权力 托宾Q 内部治理机制 企业绩效
管理層權力 託賓Q 內部治理機製 企業績效
관리층권력 탁빈Q 내부치리궤제 기업적효
managerial power; Tobin＇s Q ; internal governance mechanisms; firm performance
以中国上市公司2007—2011年的数据为基础,分析中国上市公司管理层权力、内部治理机制与企业绩效之间的关系。实证结果表明,在不考虑内部治理机制时,管理层权力对企业绩效具有显著正向影响。第一大股东持股比重和董事会规模对管理层权力具有显著负向影响。企业绩效与第一大股东持股比重和独立董事比重之间分别为显著正U形和倒U形关系,与股权制衡之间呈显著负相关关系。企业内部治理机制对管理层权力—企业绩效之间的敏感性具有一定的制约作用。
以中國上市公司2007—2011年的數據為基礎,分析中國上市公司管理層權力、內部治理機製與企業績效之間的關繫。實證結果錶明,在不攷慮內部治理機製時,管理層權力對企業績效具有顯著正嚮影響。第一大股東持股比重和董事會規模對管理層權力具有顯著負嚮影響。企業績效與第一大股東持股比重和獨立董事比重之間分彆為顯著正U形和倒U形關繫,與股權製衡之間呈顯著負相關關繫。企業內部治理機製對管理層權力—企業績效之間的敏感性具有一定的製約作用。
이중국상시공사2007—2011년적수거위기출,분석중국상시공사관리층권력、내부치리궤제여기업적효지간적관계。실증결과표명,재불고필내부치리궤제시,관리층권력대기업적효구유현저정향영향。제일대고동지고비중화동사회규모대관리층권력구유현저부향영향。기업적효여제일대고동지고비중화독립동사비중지간분별위현저정U형화도U형관계,여고권제형지간정현저부상관관계。기업내부치리궤제대관리층권력—기업적효지간적민감성구유일정적제약작용。
This paper investigates the relationships among managerial power, internal governance mecha- nisms and firm performance based on the data of listed firms in China during the period 2007 - 2011. The re- sults show that there is significantly positive relationship between managerial power and firm performance when the effects of internal governance mechanisms are ignored. Both the largest .shareholder ownership and board size have significantly negative impacts on managerial power. Tobin＇s Qinitially decreases with the largest shareholder ownership then increases. There is significantly inverse U - shaped relationship between Tobin＇s Q and board independence, while there is significantly negative relationship between Tobin＇s Q and balance of stockholders structure. The internal governance mechanisms have some influences on managerial power- firm performance sensitivity.
