外国经济与管理
外國經濟與管理
외국경제여관리
Foreign Economies & Management
2015年
11期
3-14
,共12页
董事会群体断裂带%企业战略绩效%董事长职能背景%董事会持股比例
董事會群體斷裂帶%企業戰略績效%董事長職能揹景%董事會持股比例
동사회군체단렬대%기업전략적효%동사장직능배경%동사회지고비례
board group faultline%corporate strategic performance%chairman functional background%board shareholding proportion
董事会与企业战略绩效之间的关系一直是学术界和实务界关注的重点。本文以2010—2013年中国沪深300成分股上市公司为研究对象,基于董事长职能背景与董事会持股比例调节作用的视角,运用多元层级回归技术,检验了董事会群体断裂带强度对企业战略绩效的影响。研究结果表明:(1)董事会群体断裂带强度与企业战略绩效之间具有显著的负相关关系;(2)董事长职能背景对董事会群体断裂带强度与企业战略绩效之间的关系存在负向调节作用;(3)董事会持股比例对董事会群体断裂带强度与企业战略绩效之间关系的调节作用并不显著。本文深化和丰富了董事会与企业价值关系的研究,对我国公司制企业通过优化董事会配置来促进战略绩效的提升也有重要启示。
董事會與企業戰略績效之間的關繫一直是學術界和實務界關註的重點。本文以2010—2013年中國滬深300成分股上市公司為研究對象,基于董事長職能揹景與董事會持股比例調節作用的視角,運用多元層級迴歸技術,檢驗瞭董事會群體斷裂帶彊度對企業戰略績效的影響。研究結果錶明:(1)董事會群體斷裂帶彊度與企業戰略績效之間具有顯著的負相關關繫;(2)董事長職能揹景對董事會群體斷裂帶彊度與企業戰略績效之間的關繫存在負嚮調節作用;(3)董事會持股比例對董事會群體斷裂帶彊度與企業戰略績效之間關繫的調節作用併不顯著。本文深化和豐富瞭董事會與企業價值關繫的研究,對我國公司製企業通過優化董事會配置來促進戰略績效的提升也有重要啟示。
동사회여기업전략적효지간적관계일직시학술계화실무계관주적중점。본문이2010—2013년중국호심300성분고상시공사위연구대상,기우동사장직능배경여동사회지고비례조절작용적시각,운용다원층급회귀기술,검험료동사회군체단렬대강도대기업전략적효적영향。연구결과표명:(1)동사회군체단렬대강도여기업전략적효지간구유현저적부상관관계;(2)동사장직능배경대동사회군체단렬대강도여기업전략적효지간적관계존재부향조절작용;(3)동사회지고비례대동사회군체단렬대강도여기업전략적효지간관계적조절작용병불현저。본문심화화봉부료동사회여기업개치관계적연구,대아국공사제기업통과우화동사회배치래촉진전략적효적제승야유중요계시。
The relationship between board and corporate strategic performance has always been the emphasis in the academic circle and business world. From the perspective of moder‐ating effects of chairman functional background and board shareholding proportion ,this pa‐per uses hierarchical multiple regression method to study the influence of board group fault‐lines on corporate strategic performance by the data of CSI 300 constituent stocks listed com‐panies from 2010 to 2013. It comes to the results as follows :firstly ,board group faultlines has a significantly negative correlation with corporate strategic performance ;secondly ,chair‐man functional background plays a negative role in the relationship between board group faultlines and corporate strategic performance ;thirdly ,the moderating effect of board share‐holding proportion on the relationship between board group faultlines and corporate strategic performance is not significant. This paper deepens and enriches the research findings about the relationship between board and firm value ,and also offers important enlightenment for promoting corporate strategic performance by optimizing the configuration of board of direc‐tors.