轉型經濟下中國企業家精神、公司治理與績效關係之研究

Corporate Entrepreneurship, Governance and Performance –Evidence from Chinese listed firms

曾聖如(Shen-Ju Tseng)

指導教授 ： 俞海琴

中原大學/商學院/商學博士學位學程/博士(2012年)

https://doi.org/10.6840/cycu201200020

摘要

本研究系探討在中國轉型經濟環境下，企業家精神與公司績效的相關性，並納入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。

策略管理文献諸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。

研究結果提供了至少在五個方面的意涵與啟迪。第一，本研究發現股權集中不僅能形成公司治理機制效果，亦能對企業家精神構面產生影響。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，體制的改革不僅對市場及企業經營績效產生影響，對企業家精神構面亦產生衝擊。第四，適當的現金資源鬆散有利企業在面對處於體制法規尚在發展階段中的轉型經濟環境下的風險對抗。第五，利益和諧機制對於持股者與經理人所帶出的誘因與激勵效果在轉型經濟中亦得到實證。

關鍵字

企業家精神 ； 公司治理

並列摘要

This study explores the association between corporate entrepreneurship and firm performance with the interaction of corporate governance and reform events under China’s transition-economy setting over an eleven-year period (1999 to 2009), the third decade after China’s reform and open policy released in 1979.

Strategic management literature provides ample evidence that corporate entrepreneurship constitutes the engine of economic growth and it has a positive impact on firm performance. As examples from the financial literature demonstrate, corporate governance leads to the superior performance of firms. Since China maintains high growth injected by Chinese firms’ performance, this study employs financial data of 1,746 Chinese listed companies in examining how corporate entrepreneurship and corporate governance contribute to firm performance. Distinct from the extant entrepreneurship research, this study employs financial proxies in measure of entrepreneurial orientation to relieve the likely subjective or selection bias from respondents’ psychometric judgment, retrospective prejudice, reluctance or exaggeration in completing a questionnaire. In adoption of a simultaneous equations system and the three stages least square regression analytical approach, this study incorporates financial facts in proxy for corporate entrepreneurship not only to examine the relationship among constructs of entrepreneurial orientation, corporate governance and firm performance, but it also explores the factors contributing to corporate entrepreneurship and the effects caused by two reform events.

Results of the study provide seminal conclusions in five aspects. First, concentrated ownership can not only function as governance mechanism but also form entrepreneurial effect. Second, the study examines a state ownership effect suggesting a quasi rent on investment in high-state-ownership firms. Third, effects from reform activity are associated with entrepreneurial dimensions. Fourth, financial slacks in transition economy may justify organization theory and free cash flow theory. Last, interest alignment effects elaborate the incentive mechanism across economies. In summary, this entrepreneurship study examines the structure and operation of the Chinese-characterized socialist market economy.

並列關鍵字

Corporate entrepreneurship ； Entrepreneurial orientation ； Corporate governance

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