【摘要】 国内研究混淆了领导权结构变化和高管变更,本文通过模型设计对两者进行了区分,研究了领导权结构变化的效应。研究显示,近年来非国企选择集中领导权结构的比例呈上升趋势。国企领导权结构变化对业绩没有显著影响,而非国企合并(分离)两职显著提高(降低)了业绩。非国企领导权结构的调整与风险水平显著相关,而且集权提高了高管的激励强度。这些证据表明非国企领导权结构的集中是对风险环境的适应,而国企领导权结构的调整则更多地表现出迎合监管需要的特征。因此,将"两职合一"作为差的公司治理实践的共识,以及监管部门出台政策一刀切式的引导企业普遍采用分权的领导权结构,都是值得重新审视的。更多还原

【Abstract】 This paper examines the impact of the leadership structure change on firm performance. Empirical results show that the percentage of non-state companies with chairman and CEO duality shows an upward trend. Combing( Separating) the Chairman and CEO brings a significant increase( decline) in performance for non-state firm. The study also reveals that the probability of the change in leadership structure for non-state firm is associated with firm risk. Additionally,after centralization of leadership structure in non-state firm,the CEO’s pay performance sensitivity has been significantly enhanced.In all,the evidence supports that centralization of leadership structure in non-state firms is an adaptation to their risky environment. But the changes in the leadership structure of the state- owned firms are more likely to meet the regulatory requirements. Therefore,the common sense that decentralized leadership structure is a sign of excessive executive power and one-size-fits-all regulation both need to be re-examined.更多还原