摘要
伴随着我国市场经济运作体系的不断完善,公司治理成为协调公司各利益相关者的制度安排且是备受关注的一项重要内容;同时财务绩效也是现代公司经营管理目标重要表现形式。提升公司综合实力的关键之一在于完善公司多样化治理,逐步提升财务绩效。研究发现,从公司治理过程中股权结构、激励机制和内部控制三者内在关联以及与财务绩效间的关系来看,股权结构与内部控制的作用均在于提高公司财务绩效。公司内部控制在激励机制对财务绩效的影响中存在中介效应;股权激励与薪酬激励作为公司常用的激励方式,在不同股权结构中发挥的作用也有所不同。若股权较为集中,股权激励与薪酬激励相比则对财务绩效提升发挥的作用相同,均能够提升财务绩效;若股权较为分散时,管理层往往更愿意获得股权激励而非薪酬激励。
With the continuous improvement of the market economic operation system, the increase and expansion of the number and scale of companies, the diversification of the types of companies makes the competition between companies increasingly fierce. Corporate governance is an important content of coordinating the institutional arrangement of various stakeholders of the company, and financial performance is also an important manifestation of modern company management objectives. One of the keys to enhance the comprehensive strength of the company is to improve the corporate diversified governance and gradually improve the financial performance. Therefore, this paper focuses on the impact of corporate governance diversification on financial performance. Through research, in the process of corporate governance, the relationship among ownership structure, incentive mechanism and internal control, as well as the relationship between ownership concentration and balance degree and internal control, is positively correlated. From the point of view of function, the function of equity structure and internal control is to improve the financial performance of the company. There is a positive correlation between the incentive mechanism and the internal control. The internal control of the company has the intermediary effect in the influence of the incentive mechanism on the financial performance. As a common incentive method, equity incentive and compensation incentive play different roles in different ownership structure. If the equity is more concentrated, the equity incentive plays the same role as the salary incentive to improve the financial performance, and if the equity is more dispersed, the management often wants to obtain the equity incentive rather than the compensation incentive. Through the analysis of the above results, we should pay attention to the establishment of equity structure in the process of corporate governance, determine the incentive mode according to the setting situation, at the same time, can play the
作者
田国双
SHA Sha
TIAN Guo-shuang;SHA Sha(Northeast Forestry University,Shool of Economics and Management,Harbin 150040,China)
出处
《哈尔滨商业大学学报（社会科学版）》
CSSCI
2019年第4期42-53,共12页
Journal of Harbin University of Commerce:Social Science Edition
关键词
公司治理
财务绩效
股权结构
内部控制
激励机制
corporate Governance
financial performance
equity structure
internal Control
incentive Mechanism
