次贷危机、出口冲击与内部治理机制设计

Subprime Crisis,Export Shock and Internal Governance Design

次贷危机期间中国出口增速大幅下降,对经济造成了严重的影响。借助次贷危机这一突发事件,本文研究了我国上市公司当前主要内部治理机制的作用。研究表明,第一大股东表现出明显的侵占迹象,而其他大股东有制衡作用;股权激励和薪金报酬对于董事会和管理层的激励作用则较为复杂。该研究不仅为企业内部治理机制的设计提供了依据,也为企业未雨绸缪应对潜在的危机提供了新的思路。

Subprime crisis in the US dramatically decreased China’s export,which greatly impacted China’s economy.In this paper we discuss the role of the internal govern-ance mechanisms of the listed firms in China.We find that the largest shareholders had apparent tunneling incentives and other large shareholders counteracted the largest shareholders,despite complicated influences of executive compensations and shareholdings.This study shed light on the design of internal governance mechanisms to provide new insights into handling of possible future crisis.