治理机制与企业绩效关系研究——基于治理机制的相关性与替代性视角

治理机制与绩效的关系是国内外研究的一个热点,但现有的研究并没有得到一致的结论。从治理机制之间关系的角度对治理机制与绩效的关系给于说明。治理机制之间既存在相关性,也存在替代性。在分析治理机制作用的基础上选取了四种不同的治理机制,股权集中度、董事独立性、管理层激励和两职设置,实证研究了它们之间的相关性,对治理机制之间的替代性给予了界定,并用理论分析的方法说明了某些治理机制之间存在替代性。治理机制之间相关性的存在会弱化单一治理机制对绩效的影响。

The Relationship between Governance Mechanisms and Performance of Firm:Based on the Perspectives of the Correlation and Substitution of Governance Mechanisms

Many researchers focus their studies on the relationship between governance mechanisms and performance ,but have no clear conclusion .In this paper ,we give an explanation to this problem using the method of relationship between governance mechanisms .We believe that there are correlation between governance mechanisms and substitution as well .We choose four governance mechanisms ,shareholder concentration ,independence of directors ,management incentive and leadership structure and study their correlation using the method of empirical research .After that ,we study the substitution effect of some governance mechanisms .The correlation between governance mechanisms could weaken the relationship between governance mechanism and performance of firm .