基于治理行为中介效应视角下中国创业板上市公司股权结 构与公司绩效的关系研究
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已出版:
12月 31, 2018
关键词:
股权结构 治理行为 公司绩效 中介效应
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摘要
为研究在中国创业板上市公司的特殊情境下， 股权结构与公司绩效的关系， 解释以往文
献股权结构与公司绩效之间关系相互矛盾的研究结果， 本文有别于传统从结构到绩效的研究路
径， 借鉴产业经济学的结构行为绩效的研究范式 （SCP 范式）， 采用纵贯法分析了 2010 年至 2015
年中国创业板上市公司面板数据。 研究发现， 基于 SCP 范式， 股权结构到公司绩效的关系并非
简单而直接的， 是通过治理行为在二者之间进行传导， 治理行为在治理结构与治理绩效之间起到
了部分的中介作用。 研究为打开结构到绩效的 “黑箱” 作出了一点探索性研究， 丰富了公司治理
理论的应用。
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Wu, T., & Lu, G. (2018). 基于治理行为中介效应视角下中国创业板上市公司股权结 构与公司绩效的关系研究. 社会科学与管理, 2(2), 69–79. 取读于 从 https://so01.tci-thaijo.org/index.php/CJSSM/article/view/178859
栏目
研究型文章
Chinese Journal of Social Science and Management Editorial Division
The Office of Research and Development, Panyapiwat Institute of Management
85/1 Moo 2, Chaengwattana Rd., Bang Talat, Pakkred, Nonthaburi 11120, Thailand
Tel. 02 855 01048 E-mail: cjssm@pim.ac.th
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Yongzhen, X., Lin, Z. & Weizhu. W. (2013). Governance behavior and governance performance: the concept, conduction mechanism and appraisal. Journal of Shandong University (Philosophy and Social Sciences), 6, 80-94. [in Chinese]
Zahra, S. A. & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of management, 15(2), 291-334.
Zhonglin, W., Lei, Z., Jietai, H. & Hongyun. L. (2004). Testing and application of the mediating effects. Acta Psychologica Sinica, 5, 614-620. [in Chinese]
Chongen, B., Qiao, L., Zhou, L., Min, S. & Junxi, Z. (2005). An empirical study on chinese listed firms’ corporate governance. Economic Research Journal, 2, 81-91. [in Chinese]
Dalziel, T., Gentry, R. J. & Bowerman, M. (2011). An integrated agency-resource dependence view of the influence of directors’ human and relational capital on firms’ R&D spending. Journal of Management Studies, 48(6), 1217-1242.
Demsetz, H. (1983). The structure of ownership and the theory of the firm. The Journal of Law and Economics, 26(2), 375-390.
Demsetz, H. & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of political economy, 93(6), 1155-1177.
Dongshui, S. (2015). Industrial economics. Beijing: Higher education press. [in Chinese]
Finegold, D., Benson, G. S. & Hecht, D. (2007). Corporate boards and company performance: Review of research in light of recent reforms. Corporate Governance: an international review, 15(5), 865-878.
Forbes, D. P. & Milliken, F. J. (1999). Cognition and corporate governance: Understanding boards of directors as strategic decision-making groups. Academy of management review, 24(3), 489-505.
Garg, S. (2013). Venture boards: distinctive monitoring and implications for firm performance. Academy of Management Review, 1(38), 90-108.
Holderness, C. G. & Sheehan, D. P. (1988). The role of majority shareholders in publicly held corporations: An exploratory analysis. Journal of financial economics, 20, 317-346.
Huse, M., Hoskisson, R., Zattoni, A. & Viganò, R. (2011). New perspectives on board research: changing the research agenda. Journal of Management & Governance, 15(1), 5-28.
Judge, W. Q. Jr. & Zeithaml, C. P. (1992). Institutional and strategic choice perspectives on board involvement in the strategic decision process. Academy of management Journal, 35(4), 766-794.
Kim, B., Burns, M. L. & Prescott, J. E. (2009). The strategic role of the board: the impact of board structure on top management team strategic action capability. Corporate Governance An International Review, 17(6), 728-743.
Lin, Z. (2014). A study on the determinants of board governance performance of GEM listed companies. Doctor, ShanDong University, Jinan. [in Chinese]
Liping, X., Yu, X. & Gongmeng, C. (2006). Ownership concentration, outside blockholders, and operating performance: Evidence from china’s listed companies. Economic Research Journal, 1, 90-100. [in Chinese]
Mei, F. & Dandan. S. (2014). Study on the influence of listing corporation factors of earnings quality GEM: Based on the perspective of corporate governance structure. Soft Science, 8, 137-140. [in Chinese]
Pedersen, T. & Thomsen, S. (1999). Business systems and corporate governance. International Studies of Management & Organization, 29(2), 43-59.
Xiaobo, Z. & Xiaohui, W. (2012). Governance activities of venture capital and performance of new venture enterprise: A mediating model and discussion. R&D Management, 2, 67-78. [in Chinese]
Xiaowei, W. & Fengbo, C. (2014). Ownership structure and enterprises’ value of growth enterprise market listed companies. Journal of Management Science, 6, 40-52. [in Chinese]
Yongxiang, S. & Zuhui, H. (1999). Equity structure and performance of listed companies. Economic research journal, 12, 23-30. [in Chinese]
Yongzhen, X., Lin, Z. & Weizhu. W. (2013). Governance behavior and governance performance: the concept, conduction mechanism and appraisal. Journal of Shandong University (Philosophy and Social Sciences), 6, 80-94. [in Chinese]
Zahra, S. A. & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of management, 15(2), 291-334.
Zhonglin, W., Lei, Z., Jietai, H. & Hongyun. L. (2004). Testing and application of the mediating effects. Acta Psychologica Sinica, 5, 614-620. [in Chinese]