规制环境、组织特征与企业效率

Regulation Environment,Organization Characteristics and Firm Efficiency

以中国发电行业的放松规制为背景,探讨了企业组织外部所面临的规制环境和内部所具有的治理特征对上市发电企业效率的影响。研究结果表明,企业组织的股权集中度、股权制衡度、董事会勤勉性以及董事与高层管理人员薪酬等治理特征都会对企业效率产生影响;同时,企业组织所处的规制环境不同,其所受规制机构和规制政策的影响程度就不同,从而对企业效率的作用也就不同,即"政治资源"较强的企业组织受放松规制的影响较低,因此受市场竞争的压力较小,故企业效率更低。

Based on the environment of deregulation in power industry in China,this paper investigates the influences of external regulatory background and internal governance characteristics on list power firm's efficiency.The research results show that firm organization's equity concentration,equity counterbalance,board diligence,board and management's compensation affect its efficiency.Moreover,firm organizations in different regulatory background receive different regulatory force brought by government regulator,i.e.the organizations which have more political resource receive less regulatory impact thus face less market competition and exhibit low efficiency.