异质性企业内部治理机制的非线性治理效应研究

Research on the Non-linear Governance Effects of Internal Governance Mechanisms for Heterogeneous Firms

企业内部的激励机制与监督机制可能发挥非线性的治理作用。本文利用我国上市公司的微观数据,实证检验企业内部治理机制的非线性治理效应,探讨企业异质性特征可能产生的影响。结果发现:高管隐性薪酬和显性薪酬两种激励机制呈现显著的"倒U型"治理特征;第一大股东持股比例、独立董事比例分别呈现显著的"U型"和"倒U型"治理特征;董事会规模和监事会规模两种机制的非线性效应并不明显,两者仅呈现显著的线性负相关关系,而董事长与总经理两职兼任则呈现显著的正相关关系;企业异质性特征会显著影响企业内部治理机制的非线性治理效应。这些实证结果验证了企业治理机制的非线性作用机理,为企业完善内部治理提供一定的参考。

Corporate internal incentive mechanisms and supervision mechanisms can play a non-linear role of govern- ance. This paper employs micro-data of Chinese listed companies to test the non-linear governance effects of internal governance mechanisms empirically, and explores the possible impact of firm heterogeneity. The results show that ： both the two incentive mechanisms of implicit and explicit executive compensation have a significant inverted U shaped charac- teristic with firm performance; shareholding ratio of the largest shareholder and the proportion of independent director have a significant U shaped and inverted U shaped characteristic with firm performance, respectively; both the size of board director and the size of board supervisor have just a linear negative correlation with firm performance, and both mechanisms＇ non-linear governance effect are not obvious, while dual job of chairman and general manager shows a sig- nificantly positive correlation with firm performance; firm heterogeneities may affect the non-linear governance effects significantly. These results validated the non-linear governance effects of internal governance mechanism, and can pro- vide some reference for improving the internal governance of enterprises.