CAJ | 학술논문

本文以上海证券交易所国有控股公司为研究对象，采用2007—2012年2820个观测值，从行政型治理行为的视角研究企业社会捐赠、解决就业、支付工资福利、政府退税等行政型治理行为及指数对公司绩效的影响。研究发现：社会捐赠、解决就业、支付工资福利对ROA有显著的负向影响；政府退税对ROA有显著的正向影响；行政型治理行为指数对ROA有显著的负向影响，用ROE1、ROE2、NPR、EPS替代ROA后，结论亦是稳健的；社会捐赠、解决就业、支付工资福利、政府退税及行政型治理行为指数对Tobins’Q有正向影响。以上结论表明行政型治理行为因履行过多的社会责任降低了公司财务绩效，但在股票市场却得到投资者认可，即在一定程度上提升了公司的市场价值。
본문이상해증권교역소국유공고공사위연구대상，채용2007—2012년2820개관측치，종행정형치리행위적시각연구기업사회연증、해결취업、지부공자복리、정부퇴세등행정형치리행위급지수대공사적효적영향。연구발현：사회연증、해결취업、지부공자복리대ROA유현저적부향영향；정부퇴세대ROA유현저적정향영향；행정형치리행위지수대ROA유현저적부향영향，용ROE1、ROE2、NPR、EPS체대ROA후，결론역시은건적；사회연증、해결취업、지부공자복리、정부퇴세급행정형치리행위지수대Tobins’Q유정향영향。이상결론표명행정형치리행위인리행과다적사회책임강저료공사재무적효，단재고표시장각득도투자자인가，즉재일정정도상제승료공사적시장개치。
Taking State - controlled listed companies in the Shanghai stock exchange market as research objects, and adopting 2 820 corporate observations from 2007 to 2012, this paper studies the influence of administrative governance behaviors, such as donating to society, solving the employment and paying off welfare on corporate performance, finding that： the behaviors such as donating to society, solving the employment and paying off welfare have significant negative impacts on ROA; rebating tax has a significant positive impact on ROA; administrative governance behavior index has a significant negative impact on ROA. All these results are robust from point 1 to point 3 ; donating to society, solving the employment, paying off welfare, rebating tax and administrative governance behavior index have positive impacts on Tobin＇s Q. All these conclusions show that administrative governance behaviors reduce the corporate financial performance, but promote market value in the stock market.