领导结构对公司绩效的影响

Influence of Leadership Structure on Corporate Performance

通过对代理理论与管家理论的比较探讨了总经理是否兼任董事长与公司绩效的关联性,分析了名义上与实质上兼任情况的差异,研究了不同公司特性下总经理兼任董事长对公司绩效的影响关系。对上市公司样本的实证研究,结果表明总经理兼任董事及总经理与董事长之间存在二亲等或配偶关系时对公司绩效存在负面效果,且受到公司家族持股比例和产业类别的影响,家族持股比例高或为传统产业的公司较适合总经理兼任董事长的管理结构。

Through the comparison of agency theory and stewardship theory, this paper explores the relationship between general manager serving as chairman and the company＇s performance, analyzes the nominal and substantial difference, studies the influence of the general manager serving as chairman on the performance of the company under the different characteristics of companies. The empirical research results on listed company samples show that there is a negative effect on the performance of the company when there are two relatives or spouse relationship between the general manager and chairman of the board, and it is affected by family shareholding ratio and industry category. Family with high shareholding or the traditional industries is suitable for the management structure of general manager serving as the chairman of the board.