CAJ | 학술논문

本文根据2012年上市公司年报中披露的信息，选取644家主营业务范围和主营产品类型涉及战略性新兴产业的上市公司作为研究样本，并基于终极产权理论，分析战略性新兴产业上市公司中实际控制人的控制权结构、政府控制和对不同政府层级上市公司绩效的影响，并引入政府层级与控制权结构的交互项，分析政府层级对控制权结构与公司绩效之间关系的影响。研究结果显示，在现阶段的战略性新兴产业发展中，实际控制人手中现金流权和控制权比重均对公司投入产出效率存在正向影响，政府控制对公司绩效同时存在正向和负向影响。此外，地方政府控制对公司效率的促进作用要强于中央政府控制，且对现金流权和控制权比重对公司效率的影响存在显著的正向调节效应。这表明中央政府作为产业的统筹规划者，对于公司的效率提升并没有起到明显的促进作用；而在国家高度重视战略性新兴产业发展的背景下，地方政府作为区域产业发展的具体推动者，更多地发挥了“正外部性”作用，而以往研究普遍关注的地方政府“政治锦标赛”所导致的“负外部性”在当前的产业发展初期阶段还并不明显。
본문근거2012년상시공사년보중피로적신식，선취644가주영업무범위화주영산품류형섭급전략성신흥산업적상시공사작위연구양본，병기우종겁산권이론，분석전략성신흥산업상시공사중실제공제인적공제권결구、정부공제화대불동정부층급상시공사적효적영향，병인입정부층급여공제권결구적교호항，분석정부층급대공제권결구여공사적효지간관계적영향。연구결과현시，재현계단적전략성신흥산업발전중，실제공제인수중현금류권화공제권비중균대공사투입산출효솔존재정향영향，정부공제대공사적효동시존재정향화부향영향。차외，지방정부공제대공사효솔적촉진작용요강우중앙정부공제，차대현금류권화공제권비중대공사효솔적영향존재현저적정향조절효응。저표명중앙정부작위산업적통주규화자，대우공사적효솔제승병몰유기도명현적촉진작용；이재국가고도중시전략성신흥산업발전적배경하，지방정부작위구역산업발전적구체추동자，경다지발휘료“정외부성”작용，이이왕연구보편관주적지방정부“정치금표새”소도치적“부외부성”재당전적산업발전초기계단환병불명현。
Compared with private enterprises, state-owned enterprises can gain more supports from governments in terms of preferential policies, financing opportunities, industry admittance qualification and so on, and therefore have more advantages in developing strategic emerging industries. Depending on the industrial characteristics and development stages, most of scholars affirm the development mode of strategic emerging industry leaded by govern- ment. However, since the property right is not clear, the state-owned enterprises also have many disadvantages in de- velopment of emerging industries. Because of the government＇ s social responsibility and political objectives, some local governments may regard the emerging industries as their new ＂political project＂, which result in surplus pro- duction and waste of resources. Moreover, the low administrative efficiency of state-owned enterprises may lead to lack of flexibility and creativity in the upgrading process of strategic emerging industries. Therefore, the key prob- lems during the development of strategic emerging industries is how to play the supporting effect of the government, and inhibit the negative effect caused by the state-owned property rights at the same time. Based on the core operating ranges disclosed in annual reports of 2012 ,this paper choses 644 listed companies of strategic emerging industry to analyze the impacts of control right structure of actual controller, government control and governmental levels on corporate performance, andtests the moderating effectsof governmental levels on the rela- tionship between control right structure and corporate performance. The results indicate that proportion of cash flow right and control right has positive influences on input-output efficiency;government control has both positive and negative influences on corporate performances ; the positive influence of local government control is larger than cen- tral government;and governmental level has significant moderating effects on the relationships between control right structures and corporate performance. The results show that as the over-all planner of strategic emerging industry, central governments do not improve the input-output efficiency of the corporates they controlled. However, as the promoter of industry development, local governments generate positive externality under the background of state atta- ches importance to development of strategic emerging industry. The negative externality of local governments attributed to ＂political championship＂ is still insignificant during the development initial stage of strategic emerging industry. Depending on the results, it can be seen that the current strategic emerging industry of China is still in the ear- ly stages of development. Despite the rapid development, the industrial scale of emerging industry has not been formed yet, and the profitability is generally low. It is important for governments to exert the supporting effects on the development of industry. Therefore, the governments, especially the local governments, should play the positive role on improving the efficiency of enterprises by planning industrial layout scientifically, constructing the public infor- mation service platform and perfecting related laws and regulations systems. Meanwhile, since that the local govern- ments are more knowledgeable of the regional technical level and factor endowment structure, they have more advan- tages on formulating regional industrial development strategy, and the central enterprises have great advantages in capital, technology, personnel and other resources. Co-operating of local and central government can contribute to in- tegrating resources, optimizing structure and adjusting industrial layout for central enterprises, and to reducing the pressure on local finances and promoting regional economic development and industrial upgrading for local govern-ment.