企业外部治理环境对内部治理机制的影响——基于结构方程模型的实证研究

The Impact of the External Governance Environment on the Internal Governance Mechanism:An empirical study of the structural equation modelling

公司外部治理环境是影响公司内部治理机制的根本因素。政策环境、行业竞争环境和政府干预等外部环境对企业的监督、激励和决策等内部治理机制的运行有重要影响,这些影响效应在国有企业和私营企业两类不同所制形式的企业中表现有所不同。政策环境对内部治理机制的正向影响效应有助于强化其他外部环境因素对治理机制的影响,相比国有企业,政策环境的中介效应在私营企业中表现得更为显著。

The external governance environment of a company is a fundamental factor that affects its internal governance mechanism.The external environment,such as policy,industry competition and government intervention,will exert great influence on the internal governance mechanism such as monitoring,incentive and decision-making.To some extent,these impact effects have different performance in state-owned and private enterprises.The policy environment exerts a positive effect on the internal governance mechanism,and it contributes to strengthening the influence on other external environmental factors.Compared with state-owned enterprises,the intermediary effect of the policy environment in the private sector could be more significant.