管理层权力对企业绩效的影响研究——基于企业内部治理机制视角

The Impact of Managerial Power on Firm Performance: A Perspective of Internal Governance Mechanisms

以我国主板上市企业数据为基础,实证检验了上市企业管理层权力对企业绩效的影响,内部治理机制对管理层权力——企业绩效敏感性的影响。实证结果表明,内部治理机制影响管理层权力与企业绩效之间关系的敏感性,当不考虑内部治理机制时,企业绩效与管理层权力综合变量在1%水平上显著正相关,具有较高教育背景和持有企业股权的管理层,能为企业带来更好的业绩。当考虑内部治理机制时,企业绩效与管理层权力综合变量仅在10%水平上正相关。管理层权力综合变量对股权制衡度较低和独立董事比重较高的企业的绩效具有显著正向影响。

Based on the date of Chinese listed firms, this paper investigates the impact of man- agerial power on firm performance and the impacts of internal governance mechanisms on the managerial power-firm performance sensitivity. The results show that the internal governance mechanisms have a significant effect on managerial power-firm performance sensitivity. There is a significantly positive relationship between managerial power and firm performance at 1 % level when the effects of internal governance mechanisms are ignored. The managers who own stake, or have higher education background, may improve firm performance. There is a positive correlation between power and firm performance only at 10% level considering the interaction between internal governance mechanisms and managerial power, the managerial power has significantly positive impact on firm performance in firms with lower equity balance ratio and higher board independence.