公司治理环境、治理行为与治理绩效的关系研究——基于中国电信产业演进的证据

Research on the Relationship among Corporate Governance Environment,Governance Behavior and Governance Performance:Evidences from the Evolution of Chinese Telecommunication Industry

本文将公司治理环境、治理行为及治理绩效间关系这一研究问题寓于作为复杂经济系统的中国电信产业演进和改革过程之中,通过事件分析和时间序列分析方法的结合运用,在搜集中国电信产业1949年-2009年、中国移动通信集团公司1997年-2007年发展数据以及对其进行案例研究的基础上,得出以下结论:中国公司治理环境和治理行为的发展过程遵循间断均衡演进规律;中国公司治理行为呈现对治理环境的整体跟踪与滞后效应,并积极应对环境变化,对环境产生影响;治理环境与治理绩效具有密切关系,公司治理结构和机制的完善以及战略能力的提升是治理绩效提升的前置因素。

This paper focuses on the relationship among the corpo-rate governance environment,governance behavior and governance performance,and places it into the research of the evolution and revolution of Chinese telecommunication industry which exists as a complex economic system.On the basis of data collection of Chinese telecommunication industry from 1949 to 2009 and China Mobile Limited Corporation from 1997 to 2007,we analyze Chinese telecommunication industry from two levels（industry level and firm level） through the combination of critical event method and time series analysis.The results are as follows：First,different from the perspective of researchers who consider the reform of Chinese telecommunication industry as a gradual process,we find that the evolution of Chinese corporate governance environment and governance behavior in this industry presents punctuated equilibrium;Second,corporate governance environment and governance behavior interact with each other.At some point,governance environment promotes governance behavior and at some time they show the characteristic of co-evolution.Most of time,governance behavior lags behind governance environment and through exerting active effects,it can influence the evolution of governance environment to benefit its development;Third,corporate governance environment and governance performance have close relationship.The improvement of governance structure and mechanisms and the enhancement of strategic capability are the influence factors for the governance performance of the firms.The significance of this paper includes：Theoretically,the development process of Chinese telecommunication industry is divided into four phases from the point of policy environment changes,the relationship among the corporate governance environment,governance behavior and governance performance is presented with the case study of telecommunication industry and related firm in China,and the punctuated equilibrium theory is applied into the research of the evolution of corporate governance systems;Practically,it is suggested that policy makers should realize the hysteresis effect of the policy and give the enterprises enough time to adjust their behavior then to evaluate the effectiveness of the policies;and the Chinese telecommunication firms should seize the opportunity after some new governance policy was carried out,commit themselves to their governance behavior and try to influence the policy making actively.