摘要
以2007—2021年沪深A股上市企业数据为样本,通过DEA—BCC模型测量经营效率,探索连锁股东对企业经营效率的影响。研究发现,连锁股东对企业经营效率存在协同治理效应,提高了企业经营,在经过Heckman两阶段回归、倾向得分匹配(PSM)和替换核心解释变量等检验方法后结论仍旧成立;连锁股东通过同行业势力促进行业间企业信息、资源交流,同时改善企业内部控制,使得企业经营效率提高;连锁股东对国有和非国有企业经营效率都有积极影响,且在行业竞争程度高的行业中更能发挥作用。连锁股东应规避短视决策,利用自身的联结网络加强企业间合作;同时监管部门应加强监管,引导投资者理性投资。
From the perspective of business efficiency,this paper takes the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as a sample,measures the business efficiency through the DEA-BCC model,and explores the impact of chain shareholders on the business efficiency of enterprises.The results show that chain shareholders have a synergistic governance effect on the business efficiency of the firm,which improves the business operation,and the conclusion is still valid after the Heckman two-stage regression,propensity score matching(PSM)and substitution of core explanatory variables.In the mechanism test,it is found that chain shareholders promote the exchange of enterprise information and resources between industries through their peer industry forces,and at the same time improve the internal control of enterprises,so as to improve the operating efficiency of enterprises.After further analysis,it is found that chain shareholders have a positive impact on the operating efficiency of both state-owned and non-stateowned enterprises,and can play a more important role in industries with a high degree of industry competition.The research in this paper provides new evidence for chain shareholders to exert synergistic governance effect,and provides suggestions for corporate governance.
作者
贺星星
陈薪宇
HE Xingxing;CHEN Xinyu(Business School,Guilin University of Electronic Technology,Guilin 541004,China)
出处
《福建商学院学报》
2024年第1期37-45,共9页
Journal of Fujian Business University
基金
国家社科基金一般项目“高效能治理视域下边疆少数民族地区营商环境优化路径研究”(21BZZ026)。
关键词
连锁股东
经营效率
协同治理
chain shareholders
operation efficiency
collaborative governance
