董事地位差异、决策行为强度对民营上市公司财务绩效的影响研究

The Mechanism and Empirical Research of Directors' Status Differences,Behavior Strength of Decision-Making and Financial Performance of Private Listed Companies

基于关系契约理论,采用"结构-行为-绩效"研究范式与非线性中介效应检验方法,对深沪民营上市公司董事地位差异通过决策过程的中介作用对财务绩效的影响进行实证检验。研究结果发现,董事地位差异是一种协调董事会运作的有效机制,董事地位差异与决策行为强度呈负向指数曲线关系;董事会决策行为强度完全中介董事地位差异对公司绩效的影响,并存在显著瞬间间接效应。研究表明,在权威服从的社会文化与市场化程度较低的中国治理情景下,群龙无首的精英董事会难以确保其有效性,但差而有序,序而有尊的董事地位差异更有助于民营上市公司董事会治理效果的改善。研究结论进一步打开了董事会内部互动过程的"黑箱",并通过引入董事会决策行为强度作为中介变量,拓展了既有研究的"结构-行为"范式,创新了中介效应的验证方法,使现有理论模型更符合实践逻辑。

The status difference of directors is the key factor affecting the efficiency of team decision making.According to relational contract theory.This study investigates the impact of status difference of directors on firm＇s financial performance through the non-linear mediating effect of board meeting frequency.By using the sample of private listed companies in Shenzhen and Shanghai between2010 and 2012,it is found that there is a negative exponential relationship between the clarity of board status difference of directors and board meeting frequency.In addition,the mediating effect of board meeting frequency is significant.Theoretically,this study further opens the black box of board interactive dynamism.Practically,the tacit order forming from trust and deference is effective in coordinating board interactive processes particularly in Chinese private listed firms.