摘要
行业锦标赛激励在中国资本市场是否有效值得关注。文章选择2009—2019年间A股上市公司为研究样本,基于企业风险承担视角对这一问题加以检验。研究发现:行业锦标赛激励能够显著提升企业风险承担水平,表现为行业锦标赛激励强度越大,企业风险承担水平越高;行业锦标赛激励对企业风险承担的促进作用在经理人市场有效程度较高、CEO过度自信以及CEO受教育程度较高的企业样本中更为明显,而产权性质削弱了行业锦标赛激励与企业风险承担之间的正相关关系;行业锦标赛激励增强了投资意愿、提高了研发支出,以上构成了行业锦标赛激励影响企业风险承担的作用机制;经济后果检验表明,行业锦标赛激励显著提升了企业业绩。文章以风险承担作为切入点,明晰了行业锦标赛激励在公司治理中的情境特征和作用机制,为新兴资本市场行业锦标赛激励有效性研究提供了微观层面的经验证据。
Whether the industry tournament incentives are effective in China's capital market deserves attention.This paper selects A-share listed companies from 2009 to 2019 as research samples to test this problem from the perspective of corporate risk-taking.The results find that:(1)industry tournament incentives improve corporate risk-taking level significantly,which shows that the stronger intensity of industry tournament incentives,the higher corporate risk-taking level;(2)the promotion effect of industry tournament incentives on corporate risk-taking is more obvious in enterprises with higher manager market effectiveness,CEO overconfidence and CEO with higher education level,while the nature of property rights weakens the positive correlation between industry tournament incentive and corporate risk-taking;(3)industry tournament incentives enhance willingness to invest and increase R&D expenditures,which constitutes the mechanism of industry tournament incentives affecting corporate risk-taking;(4)the test of economic consequences shows that industry tournament incentives significantly improve corporate performance.Starting from risk-taking as the breakthrough point,this paper clarifies the situational characteristics and mechanism of industry tournament incentives in corporate governance,and provides micro-level empirical evidence for the research on the effectiveness of industry tournament incentives in emerging capital markets.
作者
周泽将
高雅萍
雷玲
ZHOU Zejiang;GAO Yaping;LEI Ling(School of Business,Anhui University,Hefei 230601,China;School of Economics,Anhui University,Hefei 230601,China)
出处
《商业经济与管理》
北大核心
2023年第9期75-90,共16页
Journal of Business Economics
基金
国家自然科学基金面上项目“组织权威、经济独立性与监事会治理研究:理论框架与实证检验”(72172001)
安徽省自然科学基金优青项目“国有企业公司治理前沿问题研究”(2208085Y22)
安徽省高校杰出青年项目“中国情境下上市公司ESG表现的经济后果研究”(2022AH020001)。
