摘要
文章以中国2007-2017年A股国有上市公司为样本,探讨了不同市场竞争环境下,不同公司治理机制对盈余持续性的影响是否存在差异。实证表明,不同公司治理机制会因不同市场竞争环境而发挥不同作用:相对于竞争性国有企业,监督型治理机制更能促进垄断性国有企业的盈余持续性;相对于垄断性国有企业,咨询型和激励型这两类治理机制更能促进竞争性国有企业的盈余持续性。文章对国有企业分类治理及混改具有理论和实践意义,且为企业根据不同竞争环境设计公司治理机制提供参考。
Taking China’s A-share state-owned listed companies from 2007 to 2017 as samples,this paper discusses whether there are differences in the impact of different corporate governance mechanisms on earnings persistence under different market competition environments.Empirical results show that different corporate governance mechanisms will play different roles due to different market competition environments:compared with competitive state-owned companies,supervisory governance mechanisms can better promote the earnings persistence of monopolistic state-owned companies;compared with monopolistic state-owned companies,consultative and incentive governance mechanisms can better promote the earnings persistence of competitive state-owned companies.Moreover,this paper is of great realistic significance to state-owned companies’ classified governance and mixed reformation both in theory and practice,and provides references for enterprises to design different corporate governance mechanisms according to different competitive environments.
作者
雷倩华
钟亚衡
张乔
LEI Qianhua;ZHONG Yaheng;ZHANG Qiao(School of Business Administration,South China University of Technology,Guangzhou 510641,China)
出处
《华东经济管理》
CSSCI
北大核心
2020年第11期116-128,共13页
East China Economic Management
基金
国家自然科学基金青年科学基金项目“高管间背景特征不对称的形成、演变及经济后果:基于社会比较理论的视角研究”(71602059)
广州市哲学社会科学发展“十三五”规划2020年度共建课题“广州市文明城市建设对企业可持续发展的影响及相关机理研究”(2020GZGJ11)。
关键词
市场竞争环境
公司治理
盈余持续性
market competition environment
corporate governance
earnings persistence
