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论文编号：	14109
作者编号：	2120213314
上传时间：	2023/6/9 15:21:00
中文题目：	混改国企董事会断裂带对高管变更-绩效敏感性的影响研究
英文题目：	Research on the Impact of Board Faultlines on the Sensitivity of Top Management Turnover to Firm Performance in State-owned Enterprises with Mixed Ownership Reform
指导老师：	周建
中文关键字：	董事会断裂带；高管变更；公司绩效；高管变更-绩效敏感性；国企混改
英文关键字：	Board Faultline; Firm Performance; Top Management Turnover; Sensitivity between Top Management Turnover and Performance; Mixed Ownership Reform
中文摘要：	随着混合所有制改革的逐步推进，混改国企的公司治理有效性也在不断提升，董事会作为公司治理的重要主体，其自身的多种属性之间会相互作用，形成子群体之间的断裂带，影响董事会决策效果，进而影响公司治理的有效性。绩效不佳的公司高管被更换，是衡量公司治理有效性的一个重要指标，也为观察董事会断裂带在董事会决策中发挥的作用提供了一个极佳的研究情境。 基于以上背景，本文从高管变更-绩效敏感性的角度，研究了混改国企不同类型的董事会断裂带对公司治理有效性的影响。本文在对相关概念进行界定的基础上，回顾了高管变更-绩效敏感性、群体断裂带与董事会断裂带的相关文献，并结合委托代理理论、社会认同理论、自我分类理论与分类-精细加工模型，进行了理论分析与演绎推理，提出了本文的研究假设，探讨了混改国企中，董事会社会分类断裂带与任务导向断裂带对高管变更-绩效敏感性的不同影响，以及影响董事会断裂带作用效果的背景条件——董事会会议次数与国企的行政层级。在实证分析部分，本文以2014—2021年沪深A股国有上市公司作为样本，使用Cox比例风险模型进行回归，验证了本文的研究假设。为保证本文研究结论的可靠性，本文还选取了更换模型、更换变量、剔除部分样本以及安慰剂检验的方法，进行了稳健性检验。 研究结果表明：（1）混改国企的董事会社会分类断裂带越强，高管变更-绩效敏感性越低；董事会任务导向断裂带越强，高管变更-绩效敏感性越高。（2）在董事会会议次数少的混改国企中，董事会社会分类断裂带对高管变更-绩效敏感性的抑制作用更为显著；在董事会会议次数多的混改国企中，董事会任务导向断裂带对高管变更-绩效敏感性的提升作用更为显著。（3）中央混改国企的董事会社会分类断裂带对高管变更-绩效敏感性的抑制作用，以及任务导向断裂带对高管变更-绩效敏感性的提升作用均更为显著。本文的研究结论一方面能够丰富高管变更领域的相关研究文献，另一方面也扩展了董事会断裂带的研究成果。与此同时，本文也为完善董事会建设提出了可行性的政策建议。
英文摘要：	With the gradual advancement of mixed ownership reform, the effectiveness of corporate governance in SOEs(state-owned enterprises) is also increasing. As an important subject of corporate governance, the board of directors, with its own multiple attributes, interacts with each other to form faultlines between subgroups, which affects the effectiveness of board decision making and corporate governance. The relationship between corporate performance and top management turnover is a measure of the effectiveness of a corporate governance system, which provides an excellent research context to observe the role played by board faultlines in board decision making. Based on the above background, this paper examines how different types of board faultlines affect the effectiveness of corporate governance. Based on the definition of related concepts, this paper reviews the relevant literature on top management turnover-performance sensitivity, group faultlines and board faultllines, and conducts theoretical analysis and deductive reasoning by combining principal-agent theory, social identity theory, self-classification theory and categorization-elaboration model, and proposes the research hypotheses. This paper explores the different effects of social category faultlines and task-oriented faultlines on top management turnover-performance sensitivity and the background conditions that affect the effect of board faultlines: the frequency of board meetings and the administrative hierarchy of SOEs. In the empirical analysis part, this paper selects Shanghai and Shenzhen A-share listed companies from 2014 to 2021 and uses Cox proportional hazards model for regressions. In order to ensure the reliability of the research findings, this paper also selects the methods of replacing the model, replacing the variables, excluding some samples and the placebo test to conduct the robustness test. The results of this paper indicate that (1) the stronger the social category faultlines of board, the lower the top management turnover-performance sensitivity; the stronger the task-related faultlines of board, the higher the top management turnover-performance sensitivity. (2) The inhibitory effect of board social identity faultlines on top management turnover-performance sensitivity is more significant in SOEs with fewer board meetings compared to those with more board meetings, and the enhancing effect of board task-oriented faultlines on top management turnover-performance sensitivity is more significant in SOEs with more board meetings compared to those with fewer board meetings. (3) Compared with local SOEs, the inhibitory effect of social category faultlines on top management turnover-performance sensitivity and the enhancing effect of task-oriented faultlines on top management turnover-performance sensitivity are more pronounced in central SOEs. The findings of this paper enrich the research literature on top management turnover and expand the research on board faultlines. Furthermore, this paper also proposes feasible policy recommendations for the construction of board .
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