CEO权力强度、审计委员会效能与公司价值研究
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| Title | CEO Power, audit committee effectiveness and corporate value
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| 作者 | 王士红 何平 |
| Author | Wang Shihong and He Ping |
| 作者单位 | 南京审计学院 |
| Organization | NANJING AUDIT UNIVERSITY |
| 作者Email | rdwsh@163.com;Pinghe718@msn.com |
| 中文关键词 | CEO权力强度 审计委员会效能 公司价值 国有企业 |
| Key Words | CEO Power ; Audit Committee Effectiveness; Corporate Value; State-owned Enterprises |
| 内容提要 | 本文利用中国上市公司的数据，以公司价值影响因素为切入点，实证分析CEO权力强度、审计委员会效能对公司价值的影响。研究发现：(1)CEO权力是把“双刃剑”，CEO的双职合一和CEO所有权对公司价值有显著的负面影响，而CEO任职期限对公司价值没有显著影响；（2）审计委员会效能能缓解CEO权力强度对公司价值的影响，即审计委员规模削弱了CEO双职合一和CEO持股比例对公司价值的影响；（3）相比非国有企业，国有企业CEO的权力强度对公司价值的影响更加显著。本文研究结论表明企业对CEO权力要进行合理的配置才能提升公司价值，审计委员会效能在一定程度上调节了CEO权力强度对公司价值的负面影响，本文的研究结论既丰富了委托代理理论, 又对企业的治理决策有重要的实践指导价值。 |
| Abstract | Using the data of Chinese listed Company, the paper , taking the impact factors of company value as the starting point, carries out the empirical analysis of the CEO power, Audit Committee Effectiveness and the company value. The study finds that: (1) CEO power is the "double-edged sword", dual position of CEO and ownership have significant negative impact on company value, and CEO tenure period does not have a significant effect on company value; (2) the effectiveness of audit committee can alleviate the effects of CEO power on company value, namely audit committee size weakened the effect of CEO duality and CEO shareholding ratio of the value of the company; (3) compared to the non-state owned enterprises, state-owned enterprises CEO's power have more remarkable effect on company value. The conclusions of this study show that CEO power should be rational allocated to enhance company value, Audit Committee Effectiveness, in a certain extent, regulates the negative influence of CEO power on the value of the company, the conclusions of this study not only enrich the entrusted agency theory, but also have important practical value for the enterprise governance. |
| 文章编号 | WP1003 |
| 登载时间 | 2015-12-30 |
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