CAJ | 학술논문

利用2004-2012年928家深沪上市公司9年8 352个年度样本的大样本面板数据,从董事会治理风险的角度,验证了董事会相对管理层权力对公司产品市场竞争力的影响,检验了股权集中度和控股股东性质对两者关系的调节作用。研究发现,在不考虑股权集中度和控股股东性质的调节作用时,董事会相对权力同产品市场竞争力存在显著正相关关系;在考虑股权集中度和控股股东性质的情况下,股权集中度对董事会相对权力与公司产品市场竞争力之间关系有显著负向调节作用,控股股东性质对董事会相对权力与公司产品市场竞争力之间关系有显著负向调节作用。
이용2004-2012년928가심호상시공사9년8 352개년도양본적대양본면판수거,종동사회치리풍험적각도,험증료동사회상대관리층권력대공사산품시장경쟁력적영향,검험료고권집중도화공고고동성질대량자관계적조절작용。연구발현,재불고필고권집중도화공고고동성질적조절작용시,동사회상대권력동산품시장경쟁력존재현저정상관관계;재고필고권집중도화공고고동성질적정황하,고권집중도대동사회상대권력여공사산품시장경쟁력지간관계유현저부향조절작용,공고고동성질대동사회상대권력여공사산품시장경쟁력지간관계유현저부향조절작용。
By using panel data collected from 928 listed companies from 2004 to 2012, the relation- ship between the relative power of board of directors to management and products competitiveness as well as the moderating role of ownership concentration and type of controlling shareholders are investigated in this study from the governance risk perspective. It is concluded that： without considering he moderating role of ownership concentration and type of controlling shareholders, there is positively significant correlation between the relative power of board and products competitiveness; while doing so, the ownership concentration has negatively significant moderating role on the relative power of board and products competitiveness and the type of controlling shareholders have negatively significant moderating role on relative power of board and products competitiveness.