董事会非正式层级的绩效效应及其影响机制研究

Research on the Effects of Board Informal Hierarchy on Firm Performance and its Affecting Mechanisms

董事会非正式层级是影响董事会治理效率和公司绩效的关键因素。以2010年至2012年沪、深A股1 226家上市公司为研究对象,运用STATA 13.0软件和分组回归分析方法,系统分析董事会非正式层级强度与公司绩效间的关系及其影响机制,分别考察不同最高层级董事身份和控股股东性质对董事会非正式层级强度与公司绩效关系的影响。研究结果表明,董事会内部非正式层级强度与公司绩效之间存在显著的正相关关系,这种正相关关系只有在董事会最高层级董事不兼任总经理职务条件下才成立;业绩压力和股权集中度对董事会非正式层级强度与公司绩效间的关系具有显著的正向调节效应;相对于民营控股上市公司,国有控股上市公司董事会非正式层级强度对绩效的正向效应更强,主要体现在地方政府控股上市公司中,业绩压力对董事会非正式层级强度与绩效间的正向调节效应在国有控股上市公司中不显著。研究结果证实董事会内部非正式层级的实践价值,印证了两职分离和董事会团队互补的积极效应,为优化董事会治理等提供理论支持。

Board informal hierarchy is the key factor that will affect the board governance efficiency and then the firm perform- anee. Based on the relevant data of 1 226 listed firms in Shanghai and Sbenzhen Stock Exchanges in China from the year 2010 to 2012, using the software of STATA 13.0 and grouping regression method after measuring the board informal hierarchy Strength with gini index, the paper examines the effect of board informal hierarchy Strength on firm performance and its affecting mecha- nisms. The paper also divides the listed firms into different groups to study the effect based on the different identities of the high- est rank in the board informal hierarchy and the different nature of finn＇s ultimate controlling shareholder. The empirical study showed that： （~）There exists a significant positive relationship between board informal hierarchy strength and firm performance, and this relationship doesn＇t exist when CEO has the highest rank in the board informal hierarchy. When there exists certain level of hierarchy, board will have multiple virtues of democracy and efficiency which will support utilizing the advantages of collective decision function and democratic centralism, and thus high quality decisions can be made quickly and efficiently. Further re- search finds that the positive effect is of high strength when a chairman has the highest rank in the beard informal hierarchy. Sec- ondly is other directors and independent directors. The relationship doesn＇t exist when CEO director has the highest rank in the beard informal hierarchy. The implication of the results is that when CEO has the highest rank in the beard intbrmal hierarchy, both the board＇s independence of decision-making and validity of supervision will be decreased. （~） Performance pressure and ownership concentration significantly and positively moderate the relationship between board infornlal hierarchy strength and firm performance. The prominent advantages of the board informal hierarchy exists in decision efficiency, and when the firms face strong performance pressure and thus there has stronger demand for efficiency of decision making, accordingly, the positive effect of informal hierarchy strength on performance will become stronger. ~ State-owned firms＇ board informal hierarchy strength has a stronger effect on improving the financial performance, whereas mainly in the local government-owned firms; Performance pres- sure doesn＇t have a significant effect on the relationship between board infornml hierarchy strength and firm performance in state- owned firms. Thus, the results confirmed the positive effects between board informal hierarchy and firm performance and also ver- ified the significance of separation of CEO and chairman of the board and eomplementarities in the board. Hence these findings can contribute theoretically on how to optimize board governance.