上市公司败德治理行为发生机理研究——基于组态视角的模糊集定性比较分析

Immoral Governance Behaviors of Listed Companies——A Fuzzy-Set Qualitative Comparative Analysis Based on the Configurational Perspective

本文以深圳证券交易所创业板上市公司为样本,从组态视角出发,通过模糊集定性比较分析(fsQCA)方法对我国上市公司败德治理行为的发生机理进行了系统研究。基于fsQCA分析的结果,从“股东监督失位驱使、业绩维持压力驱使和外部监督缺失驱使”三方面梳理了容易导致上市公司发生败德治理行为的组态要素,在分析每个组态影响路径的基础上,结合各组态的内涵和条件提出了完善上市公司治理结构设计和制度安排的政策建议。研究结论进一步丰富了上市公司败德治理领域的理论研究,对于我国上市公司优化治理机制、提升治理效率有一定借鉴价值。

From the configurational perspective and by using the fuzzy-set qualitative comparative analysis(fsQCA),this paper studies the mechanisms of immoral governance behaviors of Chinese listed companies.Based on the results of QCAs,we identify four kinds of configurations that lead to the immoral governance behavior of listed companies along three dimensions:the absence of shareholder supervision,the pressure of maintaining high performance,and the lack of external supervision.Based on the influence path of each configuration,we put forward policy suggestions of improving the structure design and institutional arrangement of corporate governance.The findings of this paper enrich the theoretical research in the field of immoral governance,which has practical implications for listed companies to optimize the governance mechanism and improve their governance efficiency.