经济政策不确定性视阈下两职合一对企业绩效的影响研究

Impact of CEO Duality on Enterprise Performance From the Perspective of Economic Policy Uncertainty

基于2009-2019年沪深两市A股非金融行业上市公司经验数据,研究了两职合一对企业绩效的影响以及经济政策不确定性的调节作用。结果表明:两职合一对企业绩效的直接影响不显著;经济政策不确定性对两职合一与企业绩效的关系具有显著的调节作用,当经济政策不确定性程度较高时,两职合一对企业绩效的正向影响相对更大;进一步研究发现,与其他企业相比,经济政策不确定性上升条件下两职合一对企业绩效的促进作用在高信息成本、低投资效率企业中表现得更为明显。研究结果的经济含义在于,当宏观环境出现波动、经济政策不确定性加剧时,两职合一更有利于公司经营。研究结论从经济政策不确定性视角丰富和拓展了两职合一经济后果方面的研究,对环境不确定性变动条件下公司治理架构的设计具有一定实践启示意义。

Using the data of A-share non-financial listed companies in Shanghai and Shenzhen from 2009 to 2019,this paper studies the effect of CEO duality on enterprise performanceandthe moderating effect of economic policy uncertainty.The results show as follows:the direct influence of CEO duality on enterprise performance is not significant.When the degree of economic policy uncertainty is high,CEO duality has a significant positive impact on enterprises performance.Further research found that,under the condition of rising economic policy uncertainty,the role of two-time cooperation in promoting corporate performance is more obvious in companies with high information costs and low investment efficiency.Therefore,CEO duality is more conducive to the operation of the company,when economic policy uncertainty intensifies.From the perspective of economic policy uncertainty,this paper enriches and expands the research on the economic consequences of CEO duality,which has certain practical implications for the design of corporate governance structure under the changing economic policy uncertainty.