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经理人的积极进取行为往往伴随着公司业绩的提升,因而揭示促使经理人选择进取行为的影响因素对于改善企业绩效具有重要的政策含义。本文基于我国A股上市公司的数据实证考察了公司治理与经理人的进取行为的关系。研究结果表明,对于我国A股上市公司,一个公司的治理状况越好,经理人越倾向于选择进取行为。具体而言,独立董事所占比例、第二至十大股东的持股比例越高,经理人越倾向于选择进取行为,而第一大股东的持股比例太高、第一大股东的国有性质将不利于经理人选择进取行为。在控制了经理人性别、年龄、教育背景等个人特征后,得到近似的结论。因而,本文的研究表明,公司治理的完善除了实现降低代理成本这一公司治理设定的基本目标外,还将通过鼓励经理人选择进取行为来提升公司业绩。
Managers’ aggressive behavior is often accompanied by the improvement of corporate performance. Therefore, revealing the influencing factors that motivate managers to choose aggressive behavior has important policy implications for improving corporate performance. Based on the data of A-share listed companies in our country, this paper empirically examines the relationship between corporate governance and manager’s aggressive behavior. The results show that, for the A-share listed companies in our country, the better the governance status of a company, the more managers tend to choose aggressive behavior. Specifically, the proportion of independent directors, the second to the top ten shareholders holding the higher proportion of managers tend to choose to make aggressive behavior, while the largest shareholder’s stake is too high, the largest shareholder of state-owned Nature will not help managers choose to make aggressive behavior. After controlling the personal characteristics such as the manager’s gender, age, educational background, the similar conclusion is obtained. Therefore, the research in this paper shows that, in addition to the basic goal of reducing the agency costs, the improvement of corporate governance will also enhance the performance of the company by encouraging managers to choose to make progress.