晋升激励、未吸收冗余与国有企业业绩——基于A股上市公司的经验数据

Promotion Incentives, Unabsorbed Redundancy and Performance of Stateowned Enterprises——Study Based on the Empirical Data of A-Share Listed Companies

本文采用2012-2017年非金融类A股国有上市公司的数据,检验未吸收冗余与国有企业业绩之间的关系,结果发现,未吸收冗余与国有企业业绩之间存在倒U型关系,晋升激励对冗余与业绩之间的关系具有正向调节作用。按现金流组合方法对企业生命周期进行划分,发现晋升激励对成熟期企业冗余与业绩之间的调节作用比较明显,而对成长期和衰退期企业业绩没有显著影响,这表明晋升激励政策并非适用于任何企业,国有企业应该按照自己的实际情况采取适当的激励政策。本文的结论可为国有企业提高资源利用效率,提升国有企业业绩提供建议。

This paper uses the data of non-financial A-share listed companies from 2012 to 2017 to test the relationship between unabsorbed redundancy and the performance of state-owned enterprises. It is found that there is an inverted U-type between the unabsorbed redundancy and the performance of state-owned enterprises. Relationships, promotion incentives have a positive adjustment effect on the relationship between redundancy and performance. According to the cash flow combination method, the life cycle of the enterprise is divided. It is found that the promotion incentive has a significant effect on the adjustment between the redundancy and performance of the mature enterprise, but has no significant effect on the performance of the growth period and the recession. This indicates that the promotion incentive policy is not Applicable to any enterprise, state-owned enterprises should adopt appropriate incentive policies according to their actual situation. The conclusions of this paper can provide suggestions for state-owned enterprises to improve resource utilization efficiency and improve the performance.