高管团队异质身份对民营上市公司隧道行为的影响——基于公司治理行为导向中介效应的检验

Influence of the Heterogeneous Identity of Senior Management Team on the Tunnel Behavior of Private Listed Companies——Based on the Inspection of the Mediation Effect of Corporate Governance Behavior

在充分总结国内外相关理论文献研究的基础上,以公司治理行为导向为中介,探讨了高管团队异质身份对民营上市公司隧道挖掘行为的影响,结果表明:高管团队创始人身份、持股比例与公司治理行为导向存在显著关系,其更倾向于发展性治理行为,倾向于构建两权分离的治理导向,以有效防范"隧道挖掘行为";高管团队内部控制与公司治理行为存在负向相关关系,更倾向于控制性治理行为,倾向于"内部控制"的治理导向,更容易引致"隧道挖掘行为";高管团队身份属性影响着公司治理行为导向的形成,并以治理行为导向影响着控股股东隧道挖掘及相关侵占利益行为的产生。

This paper fully summarizes the domestic and foreign relevant theory,on the basis of literature research in corporate governance behavior guide for mediation,senior management team heterogeneity and identity on the tunneling behavior of private listed companies. The results show that： the founder of the executive team identity,ownership and corporate governance behavior guidance there is a significant relationship,the more inclined to developmental governance behavior,tend to build two rights separation of government guidance,to effectively prevent ＂ tunneling behavior＂; executive team internal control and corporate governance behavior there is a negative correlation relationship,tend to be more controlling management behavior,tend to ＂ internal control＂ the governance of the guidance,are more likely to lead system ＂ tunneling behavior＂; the identity attribute of the executive team influences the formation of corporate governance behavior orientation,and the governance behavior orientation influences the generation of the controlling shareholder tunnel excavation and related encroachment interest behaviors.