摘要
本文以2010年—2017年我国A股非金融上市公司为样本,研究管理者能力与公司经营绩效之间的关系。研究发现:管理者能力与公司市场绩效和财务绩效均显著正相关;企业生命周期的不同阶段对管理者能力与公司绩效之间的关系产生显著影响,即相对于成长期,成熟期和衰退期减弱了管理者能力对公司绩效的正向促进作用;在公司股权集中度较高和政府干预较少时,管理者能力对公司绩效的正向促进作用较强,即管理者能力的发挥受制于公司的内外部治理水平。
This paper takes all China's Mainland non-financial A-share listed companies from 2010 to 2017 as samples to study the relationship between manager ability and corporate performance.The study found that the manager ability is significantly positively correlated with market performance and financial performance of the company in general.Different stages of enterprise life cycle have a significant impact on the relationship between managers ability and corporate performance,that is,compared with the growth period,the maturity period and the decline period weaken the positive promotion effect of manager ability on corporate performance.When the ownership concentration of a company is high and government intervention is low,the positive promotion effect of manager ability on corporate performance is strong,namely,the performance of manager ability is subject to the level of internal and external governance of the company.
作者
姚曦
杨超
姚梦鸽
Yao Xi;Yang Chao;Yao Mengge(Xinjiang University of Finance and Economics,Urumqi 830012,China)
出处
《新疆财经》
2020年第6期35-47,共13页
Finance & Economics of Xinjiang
基金
国家自然科学基金项目“被担保企业的盈余特征与担保企业的债务契约”(71662028)
国家自然科学基金项目“基于溢出效应的社会资本损伤、修复及效果的研究”(71762027)
教育部人文社会科学研究项目“制度背景、管理者权力与公司投资效率研究”(14XJJC630002)。
关键词
管理者能力
公司绩效
公司治理
公司经营决策行为
企业生命周期
Manager Ability
Corporate Performance
Corporate Governance
Business Decision Making Behavior of the Company
Enterprise Life Cycle
