商业研究

商业研究

• 经营管理 • 上一篇    下一篇

经理人外部继任、高管持股与企业未来绩效 ——基于倾向得分匹配法的实证研究

钱士茹，赵斌斌   

  1. 安徽大学 经济学院，合肥 230601
  • 收稿日期:2017-02-19 出版日期:2017-07-20
  • 作者简介:钱士茹（1957-），女，安徽五河人，安徽大学经济学院教授，研究方向：企业理论；赵斌斌（1991-），男，合肥人，安徽大学经济学院博士研究生，研究方向：企业理论。
  • 基金资助:
    国家哲学社科项目，项目编号：16BGL073；教育部人文社会科学研究项目，项目编号：11YJA630086；安徽大学人文社科重点基地项目，项目编号：Y01008406。

Managerial External Succession, Executive Stock Ownership and Firm′s Future Performance: An Empirical Study based on Propensity Score Matching

QIAN Shi-ru, ZHAO Bin-bin   

  1. School of Economics, Anhui University, Hefei 230601, China
  • Received:2017-02-19 Online:2017-07-20

摘要： 结合人力资本理论和委托代理理论，运用倾向得分匹配法（PSM）分析经理人更迭过程中聘用外部经理人对未来绩效的影响以及高管持股在两者关系中的作用，研究表明经理人外部继任对企业未来绩效更有促进作用，其中对国有企业未来绩效的促进效应更加显著，高管持股负向调节外聘经理人对企业未来绩效的正面影响。这些结果说明深化国有企业的混合所有制改革，推行职业经理人制度是国有企业提升经营绩效的重要途径。

关键词: 经理人, 外部继任, 国有企业, 高管持股, 倾向得分匹配法

Abstract: Based on human capital theory and the principal-agent theory, the paper uses propensity score matching (PSM), to analyze the impact of employing external managers on future performance and the role of executive stock ownership on the relationship between them in the process of changing managers. Research shows that the external managers have a positive effect on enterprise performance, the promotive effect on the future performance of state owned enterprises is more significant and executives shareholding negatively regulates the positive impact of external managers on firm′s future performance. These results show that deepening the reform of the mixed ownership of state-owned enterprises to implement the system of professional managers is the important path to enhance the operation performance of state-owned enterprises.

Key words: managers, external succession, state-owned enterprises, executive stock ownership, propensity score matching method