企業創新能力、股權結構與公司績效之關係

Abstract

本研究係探討中國轉型經濟下，企業家精神與公司績效的關聯性，並考量中國公司治理及制度改革因素的影響，樣本期間為1999年至2009年，即自1979年改革開放後的第三個十年期。 策略管理文獻多肯定企業家精神對經濟發展的貢獻及對公司績效的有利影響，同時財務文獻亦對公司治理機制與公司績效的正向關係多有實證。本研究以1,746家中國上市公司為樣本，探討企業家精神及公司治理對公司績效的影響。有別於採用問卷工具的研究，本研究採用財務資料量測企業家精神構面，以免於因受測者心理素質及認知差異所可能造成之主觀偏誤或選擇性誤差。本研究採用三階段最小平方法，以聯立方程系統同時探討企業家精神構面、公司治理與公司績效的關係，以及探測影響企業家精神構面的因素以及改革事件的影響。 研究結果有以下的意涵。第一，股權集中除正向影響公司治理機制之外，亦對企業家精產生影響。第二，國有股權的參與，對被持股企業的投資人隱含了近似於准租金效果。第三，體制的改革不僅對企業經營績效產生影響，對企業家精神亦產生衝擊。第四，適當的現金資源鬆散反有利企業在面對尚在發展階段中體制法規的轉型經濟環境下的風險對抗。第五，利益和諧機制對於股東與經理人的誘因效果在轉型經濟中亦得到驗證。

The aim of this research is to explore the profit efficiency and association between innovation on entrepreneurship level and firm performance under China’s transition economy settings, i.e. from a conventional socialism’s planned economy to a Chinese-characterized neo-socialism’s market economy, with shareholder governance factors. The resource-competence-based entrepreneurship theory and the agency- transaction-cost theorized corporate governance are, mostly, evidenced as positively related to firm performance while both are considered the strength in dragging each other with a counter-balancing effect for wealth maximization of shareholders. Entrepreneurship burst and developed since China’s Reform and Open Policy released in the very end of the 1970s and its private-owned-business legalization in 1988. In a transition economy, like China, filled with crises and opportunities, environment changes much more rapidly and challenges barrage more intensely than usual. The friction between entrepreneurship and corporate governance can be anticipated. This research is the first one employing the profit efficiency methodology to look into the binding interaction amongst entrepreneurship, corporate governance and firm performance which have never been pooled together for scrutiny yet. The most salient finding from this study which simultaneously values corporate entrepreneurship and corporate governance are evidenced. Dragging and pulling each other with a check-and-balance effect is revealed in the analysis section. The phenomenon that corporate entrepreneurship and corporate governance are dragging or pulling each other with a check-and-balance effect is explicitly observed in this research as brought up in the problem statement section. The check-and-balance mechanism through the dragging or pulling effect originating from the confronting nature on both ends does take effect from the sample data adopted in this research.