股权结构、激励约束机制与企业效率——基于A股国有控股上市公司的实证检验

Ownership Structure,Incentive and Restraint Mechanism and Enterprise Efficiency:An Empirical Test Based on A-share State-owned Listed Companies

股权结构是治理结构的基础,激励约束机制是治理机制的核心,股权结构与激励约束机制构成完整的公司治理体系。以沪深主板A股国有控股上市公司为样本,利用主成分分析分别构建激励机制、约束机制综合指数,研究股权结构、激励约束机制对企业效率的影响,考察股权结构、激励机制、约束机制之间的相互关系。主要结论有:第一,股权结构与企业效率显著正相关;激励机制、约束机制均促进企业效率的提升;与约束机制相比,激励机制的作用更显著。第二,激励机制中CEO持股比例、高管—员工薪酬差距均与企业效率显著正相关;约束机制中股权集中度与企业效率显著正相关,独立董事比例与企业效率显著负相关。第三,将股权结构、激励机制、约束机制联合考察,激励机制与股权结构、约束机制与股权结构均存在替代效应;激励机制与约束机制存在互补效应。研究表明,目前国有控股上市公司中的国有股比例与非国有股比例已达到相对均衡状态,企业效率提升的重点应由股权结构的优化转向治理机制的建设。

Ownership structure is the basis of governance structure,incentive and restraint are the core of governance mechanism,and ownership structure and incentive and restraint mechanism constitute a complete corporate governance system.Taking A-share state-owned listed companies on the main board of Shanghai and Shenzhen as a sample,this paper constructs comprehensive indicators of incentive mechanism and restraint mechanism by using principal component analysis,studies the relationship the influence of ownership structure,incentive and restraint mechanism and enterprise efficiency,and Investigate the relationship of ownership structure,incentive mechanism and restraint mechanism.The main conclusions of this paper are as follows: first,there is a significant positive correlation between ownership structure and enterprise efficiency;Incentive mechanism and restraint mechanism promote the improvement of enterprise efficiency;Compared with the restraint mechanism,the role of incentive mechanism is more significant.Second,in the incentive mechanism,CEO shareholding ratio and executive employee salary gap are significantly positively correlated with enterprise efficiency;In the constraint mechanism,ownership concentration is significantly positively correlated with enterprise efficiency,and the proportion of independent directors is significantly negatively correlated with enterprise efficiency.Third,There are substitution effects between incentive mechanism and ownership structure,restraint mechanism and ownership structure.The research shows that at present,the proportion of Chinese shares and non-state shares of state-owned listed companies have reached a relatively balanced state.The ownership structure,incentive mechanism and restraint mechanism are investigated together.There is a complementary effect between incentive mechanism and restraint mechanism.The focus of improving the efficiency of enterprise should shift from the optimization of ownership structure to the construction of governance mechanism.