董事长和实际控制人的关联与企业绩效的关系

从董事长和实际控制人关联的视角,以2012—2016年间中国民营上市公司为对象,深入考察董事长和实际控制人的关联、市场化程度对企业绩效的影响,并在此基础上研究董事长和实际控制人的关联对企业绩效的影响如何因市场化程度的不同而改变。结果表明:董事长和实际控制人的关联、市场化程度对企业绩效均起到正向促进作用;市场化程度会弱化调节董事长和实际控制人的关联程度给企业绩效带来的正向影响。

On relationship between corporate performance and relevancy of chairman and actual controller

From perspective of the relevancy between chairman and actual controller, taking the private listed companies in China during 2012-2016 as objects, the influences of relevancy between chairman and actual controller and the degree of marketization on corporate performance are investigated deeply. Based on it, how the influence of the relevancy between chairman and actual controller on corporate performance changes is also investigated due to the different levels of marketization. The results show that both the relevancy between chairman and actual controller and the degree of marketization play a positive role in promoting corporate performance; the degree of marketization will weaken the positive impact of the relevancy between the chairman and the actual controllers on corporate performance.