董事长任期对公司经营绩效的影响——基于制度背景的研究

The Impact of Chairman’s Tenure on Corporate Performances——Based on the Research of System Background

文章以2013-2017年沪深A股上市公司为研究样本,结合高层梯队理论,探讨董事长既有任期和预期任期对公司经营绩效的影响以及制度背景的调节作用。结果表明:公司经营绩效与董事长既有任期呈倒U型关系,与预期任期呈正相关关系;股权制衡、市场竞争和薪酬差距(高管和普通员工)在董事长任期的影响中具有一定的调节作用。进一步区分产权性质后发现,在国有和非国有公司中,董事长既有任期与预期任期的差异对公司经营绩效的影响以及制度背景对上述关系的调节作用均有差异。研究表明,合理安排董事长任期、完善制度环境、深化国企产权改革对提高公司经营绩效有重要意义。

This paper selects A shares listed companies of Shanghai and Shenzhen from 2013 to 2017 as research samples,and incorporates the high-level echelon theory into the analysis framework of the principal-agent theory,and make empirical analysis of the effect of the chairman’s existing term and expected term on the company’s business performance and the moderate effect of institutional background in this relationship. The study finds that the company’s operating performance has inverted U type relationship with the established term of the chairmen of the board and the positive relationship with the expected term of chairmen of the board. The balance of ownership,market competition and pay gaps pay a certain regulatory role in moderating the chairman’s term and business performance. After further distinguishing the nature of property rights,it is found that in state-owned and non-state-owned companies,the differences between the existing and expected tenure of the chairman have different effects on the performance of the company and the regulatory role of institutional background on the above relationship. The research shows that reasonable arrangement of chairman's term of office,improvement of institutional environment and deepening of property rights reform of state-owned enterprises are of great significance to improve the company’s operating performance.