财务治理、投资效率与企业经营绩效

较好的财务治理能够降低委托代理成本,降低股东和债权人的信息不对称风险,从而使企业运行效率更高。研究发现,投资效率在财务治理对经营绩效的影响中起到了部分中介的作用,即财务治理能够提高企业的投资效率,从而对经营绩效产生一定程度的积极作用。而这种积极作用主要是通过财务控制和财务监督实现的,财权配置和财务激励所体现的财务治理功能效果并不明显。因此,国内公司治理的重点可能已经不是监督和控制的问题,更多的注意力应当放在利益相关者之间的财权配置和财务激励上。

Financial Governance,Investment Efficiency and Corporate Managing Performance

Good financial governance can reduce agency costs and the risk of information asymmetry between shareholders and creditors,thus leading to better corporate managing performance.This paper finds that investment efficiency plays an intermediate role in the effect of financial governance on managing performance,namely better financial governance can improve corporate investment efficiency,thus improving managing performance to a certain extent.The positive effect of financial governance is mainly achieved by financial control and supervision,and the governance functions of financial distribution and incentives are not significant.Therefore,the emphasis of corporate governance in China should be on financial power distribution between stakeholders and financial incentives rather than supervision and control.