CEO权力与公司业绩——来自A股上市公司的证据

CEO Power and Company Performance——Evidence from A-share Listed Companies

CEO权力与公司业绩是否存在因果关系,以及具有怎样的因果关联尚未得到定论。鉴于此,以2005—2019年沪深A股上市公司作为研究对象,对CEO权力与公司业绩之间的影响关系进行实证检验。研究结果表明,CEO权力与公司业绩呈U型关系,即CEO权力在低水平范围时,CEO权力与公司业绩呈现显著负相关关系,当CEO权力上升到一定程度后,CEO权力与公司业绩呈现显著正相关关系。在工具变量法缓解内生性问题后结论依然稳健。因此,应给予CEO更大的授权以获得更好的业绩,并需要注意CEO权力与地位失配带来的代理问题。

Whether or not there is A causal relationship between CEO power and corporate performance and what kind of causal relationship has not been concluded yet.This paper takes Shanghai and Shenzhen A-share listed companies from 2005 to 2019 as sample,and conducts an empirical test on the relationship between CEO power and corporate performance.The results show that there is a U-shaped relationship between CEO power and corporate performance,that is,when CEO power is at a low level,there is a significant negative correlation between CEO power and corporate performance,and when CEO power rises to a certain level,there is a significant positive correlation between CEO power and corporate performance.The conclusion is robust after the instrumental variable method alleviates the endogenicity problem.The research shows that the CEO should be given more authorization to obtain better performance,and the agency problem caused by the mismatch between the power and status of the CEO should be paid attention to.