摘要
公司治理与企业绩效的相关研究日渐增多,独立董事、监事等传统治理手段作用受限。在逐渐兴起的非控股大股东参与公司治理现实背景下,非控股大股东的公司治理效应及其对企业绩效的影响值得关注。基于此,文章以2009—2020年沪深A股26570个年度观测样本为研究对象,研究非控股大股东退出威胁对企业绩效的影响机理。研究发现:非控股大股东退出威胁能显著提升企业绩效,在控制内生性问题后依然稳健,退出威胁通过抑制两类代理成本提升企业绩效;高战略差异度可增强退出威胁治理效应,市场竞争更加激烈或退出更可信时,退出威胁治理效应更加显著。文章丰富了企业绩效研究,从退出威胁角度验证了非控股大股东治理效应,为非控股大股东参与公司治理、提升企业绩效提供参考依据。
The research on corporate governance and corporate performance is increasing,and the role of traditional governance means such as independent directors and supervisors is limited.Under the realistic background of non-controlling major shareholders participating in corporate governance,the corporate governance effect of non-controlling major shareholders and its impact on corporate performance deserve attention.Based on this,this paper takes 26570 annual observation samples of Shanghai and Shenzhen A shares from 2009 to 2020 as the research object to study the impact mechanism of non-controlling major shareholders’exit threat on enterprise performance.The research finds that the non-controlling major shareholder’s exit threat can significantly improve the enterprise performance,and it is still stable after controlling the endogenous problems.The exit threat can improve the enterprise performance by suppressing the two kinds of agency costs;a high degree of strategic difference can enhance the governance effect of exit threat.When the market competition is more intense or the exit is more credible,the governance effect of exit threat is more significant.This paper enriches the research on enterprise performance,verifies the governance effect of non-controlling major shareholders from the perspective of exit threat,and provides reference for non-controlling major shareholders to participate in corporate governance and improve enterprise performance.
作者
陈培友
杨贝贝
高太光
CHEN Peiyou;YANG Beibei;GAO Taiguang(School of Management,Heilongjiang University of Science and Technology,Harbin 150028,China)
出处
《华东经济管理》
CSSCI
北大核心
2022年第9期108-119,共12页
East China Economic Management
基金
黑龙江省博士后面上资助经费项目“基于大数据分析的企业阳光采购行为研究”(LBH-Z20029)。
关键词
非控股大股东
退出威胁
企业绩效
治理效应
non-controlling large shareholders
exit threat
enterprise performance
governance effect
