商业研究

商业研究

• 经营管理 • 上一篇    下一篇

异质性企业内部治理机制的非线性治理效应研究

陈晓珊1，匡贺武2   

  1. 1. 暨南大学 产业经济研究院，广州 510632； 2. 华南师范大学 经济与管理学院，广州 510631
  • 收稿日期:2017-01-30 出版日期:2017-07-20
  • 作者简介:陈晓珊（1989-），女，广东汕头人，暨南大学产业经济研究院博士研究生， 研究方向：公司治理；匡贺武 （1988-），男，江西九江人，华南师范大学经济与管理学院博士研究生，研究方向：区域经济。

Research on the Non-linear Governance Effects of Internal Governance Mechanisms for Heterogeneous Firms

CHEN Xiao-shan1, KUANG He-wu2   

  1. 1. Institute of Industrial Economics, Jinan University, Guangzhou 510632, China; 2.School of Economics and Management,South China Normal University,Guangzhou 510631,China
  • Received:2017-01-30 Online:2017-07-20

摘要： 企业内部的激励机制与监督机制可能发挥非线性的治理作用。本文利用我国上市公司的微观数据，实证检验企业内部治理机制的非线性治理效应，探讨企业异质性特征可能产生的影响。结果发现：高管隐性薪酬和显性薪酬两种激励机制呈现显著的“倒U型”治理特征；第一大股东持股比例、独立董事比例分别呈现显著的“U型”和“倒U型”治理特征；董事会规模和监事会规模两种机制的非线性效应并不明显，两者仅呈现显著的线性负相关关系，而董事长与总经理两职兼任则呈现显著的正相关关系；企业异质性特征会显著影响企业内部治理机制的非线性治理效应。这些实证结果验证了企业治理机制的非线性作用机理，为企业完善内部治理提供一定的参考。

关键词: 内部治理机制, 非线性治理效应, 企业异质性, “倒U型”特征

Abstract: Corporate internal incentive mechanisms and supervision mechanisms can play a non-linear role of governance. This paper employs micro-data of Chinese listed companies to test the non-linear governance effects of internal governance mechanisms empirically, and explores the possible impact of firm heterogeneity. The results show that: both the two incentive mechanisms of implicit and explicit executive compensation have a significant inverted U shaped characteristic with firm performance; shareholding ratio of the largest shareholder and the proportion of independent director have a significant U shaped and inverted U shaped characteristic with firm performance, respectively; both the size of board director and the size of board supervisor have just a linear negative correlation with firm performance, and both mechanisms′ non-linear governance effect are not obvious, while dual job of chairman and general manager shows a significantly positive correlation with firm performance;firm heterogeneities may affect the non-linear governance effects significantly. These results validated the non-linear governance effects of internal governance mechanism, and can provide some reference for improving the internal governance of enterprises.

Key words: internal governance mechanism, non-linear governance effect, firm heterogeneity, inverted U shaped characteristic