公司治理结构对白酒企业绩效的影响研究——基于fsQCA分析法

Research on the Influence of Corporate Governance Structure on Liquor Enterprise Performance:Based on fsQCA Analysis Method

随着我国经济的高速发展,白酒行业也进入了快速发展时期。为了促进我国白酒行业健康稳定发展,探索白酒企业高绩效发展的合理路径,文章以中国16家白酒上市公司作为样本公司,用所有权结构、董事会治理结构、高管激励3个维度来表征公司治理结构,用净资产收益率作为企业绩效衡量指标,采用模糊定性比较分析法(fsQCA),研究公司治理结构对白酒企业绩效的影响情况。研究发现:促进白酒企业高绩效发展的两条路径分别为“企业股权制衡程度较好同时高管持股数量较高”“企业董事会规模大、高管持股数量多,同时前3位高管薪酬高”,其中,变量“高管持股数量”代表的是高管长期股权激励,在2条高绩效路径中均作为核心条件出现,成为导致白酒企业高绩效产生不可或缺的因素。

With the rapid development of China’s economy,liquor industry has entered a period of rapid development. In order to promote the healthy and stable development of China’s liquor industry and explore a reasonable course of highperformance development of liquor enterprises,sixteen listed liquor companies in China were selected as samples. We used the ownership structures,board governance structures,senior executive incentives to represent the corporate governance structure,used roe as indicators of business performance,and then used the fuzzy qualitative comparison analysis(fsQCA)to study the effect of corporate governance structure on liquor enterprise performance. It was found that the two approaches to promote the development of high performance of liquor enterprises were "better control of equity balance and greater number of executives’ ownerships",and "larger board of directors,greater number of executives’ ownerships and higher salaries of the top three executives";Among them,the variable of "number of executive share-holders" represents the long-term equity incentive for senior executives,which turns out to be the key condition in the two approaches to high performance and ends up an indispensable factor for high performance of liquor enterprises.