生命周期视角下的公司治理与企业价值关系研究
Research on the Relationship between Corporate Governance and Enterprise Value based on the Life Cycle
由于国内外学者对于公司治理的综合指标构建一直未能有较大进展，纵向研究陷入瓶颈，本文以此为切入点，横向拓展公司治理的研究范围，将企业生命周期作为分类条件探讨 不同生命周期下公司治理与企业价值之间的关系。选取了外部机构的监管、股权结构、董事会治理机制和经理人员激励四个方面特征机制代表公司治理，托宾Q值衡量企业价值，将2014年正常上市的上市公司作为样本，研究得出对于处在不同生命阶段的企业，与企业价值相关的公司治理机制并不同。具体表现在，成长期企业股权集中度（包括第一大股东持股比例和第二到第十大股东持股比例之和）、管理层薪酬与企业价值显著正相关，独立董事比例与企业价值无显著相关性；成熟期企业第二到第十大股东持股比例之和、管理层薪酬与企业价值显著正相关，独立董事比例、第一大股东持股比例与企业价值无显著相关性；衰退期企业仅有管理层薪酬与企业价值显著正相关。
his paper explores the relationship between corporate governance and enterprise value based on life cycle. External regulatory agencies, ownership structure, board governance and managers incentive are selected to be the four representatives of corporate governance, and Tobin's Q as corporate value measure. Listed companies in 2014 are as samples. The results reveals that at different stage of life, corporate governance mechanisms which are related with enterprise value are different. Specifically, ownership concentration and management salary of growth-period corporate are significant positive correlation with enterprise value. The total proportion of stock ownership from the second largest ownership to the tenth one and the management salary of mature-period corporate are significant positive correlation. But the decline-period samples are confirmed that only management salary are significant correlated.
王福胜、刘佳
经济学
会计学公司治理企业价值生命周期
accountingcorporate governanceenterprise valuelife cycle
王福胜,刘佳.生命周期视角下的公司治理与企业价值关系研究[EB/OL].(2016-04-06)[2025-08-02].http://www.paper.edu.cn/releasepaper/content/201604-69.点此复制
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