| 公司治理的监督机制与激励机制间的替代效应——基于中国上市公司EVA绩效的实证研究 |
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| 引用本文： | 宋增基,郑海健,张宗益.公司治理的监督机制与激励机制间的替代效应——基于中国上市公司EVA绩效的实证研究[J].管理学报,2011,8(6). |
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| 作者姓名： | 宋增基 郑海健 张宗益 |
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| 作者单位： | 重庆大学经济与工商管理学院 |
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| 基金项目： | 国家自然科学杰出青年基金资助项目(70525005); 教育部新世纪优秀人才支持计划资助项目(NCET-05-0768); 高等学校博士学科点专项科研基金资助项目(20050611013) |
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| 摘 要： | 利用沪深两市1 250家上市公司2004~2007年的数据,研究了公司治理的监督机制、激励机制与公司价值的关系,特别注重研究这两大机制存在替代作用及对经济增加值(EVA)的影响。研究结果表明,公司治理机制存在替代作用,可以通过两大治理机制的组合提高公司价值。
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| 关 键 词： | 公司治理机制 监督机制 激励机制 替代效应 |
Substitution Effect between Supervision and Incentive Mechanism in Corporate Gorernance:An Empirical Study on EVA of Chinese Listed Company |
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| SONG Zengji,ZHENG Haijian,ZHANG Zongyi.Substitution Effect between Supervision and Incentive Mechanism in Corporate Gorernance:An Empirical Study on EVA of Chinese Listed Company[J].Chinese JOurnal of Management,2011,8(6). |
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| Authors: | SONG Zengji ZHENG Haijian ZHANG Zongyi |
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| Institution: | SONG Zengji ZHENG Haijian ZHANG Zongyi(Chongqing University,Chongqing,China) |
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| Abstract: | This paper studies the relationship between the supervision mechanism,incentive mechanism of corporate governance and corporate value,especially the substitution effect between these two mechanisms and its impact on economic added value(EVA) with data of 1250 listed companies from 2004 to 2007 in Shenzhen and Shanghai.The results show that there exists a substitution effect between the supervision mechanism and incentive mechanism.The authors argue that we can enhance corporate value through the combination... |
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| Keywords: | corporate governance mechanism supervision mechanism incentive mechanism substitution effect |
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