管理层权力对房地产企业绩效的影响研究——基于股权集中度的调节效应
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引用本文:姚德权,文丹煜.管理层权力对房地产企业绩效的影响研究——基于股权集中度的调节效应[J].财经理论与实践,2020,(5):97-103
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姚德权,文丹煜 (湖南大学 金融与统计学院,湖南 长沙 410079) 
中文摘要:依据房地产行业上市公司2014-2019年数据,借鉴Finkelstein的权力模型,基于股权集中度的调节效应,考量管理层权力对房地产企业绩效的影响。结果表明:管理层权力与企业绩效之间存在明显的正相关关系,股权集中程度对两者之间的关系产生调节作用。其中,结构权力与企业绩效显著正相关,股权集中会削弱二者的正相关关系;所有者权力与企业绩效显著正相关,股权集中会削弱所有者的激励效果;声望权力与企业绩效显著正相关,股权集中会削弱二者的正相关关系;专家权力与企业绩效之间关系不显著。
中文关键词:股权集中  管理层权力  企业绩效  房地产企业
 
The Impact of Management Power on the Performance of Real Estate Companies Based on the Moderating Effect of Equity Concentration
Abstract:Based on the 2014-2019 data of listed companies in the real estate industry, this article draws on Finkelstein's power model, and uses the moderating effect of equity concentration to examine the impact of management power on the performance of real estate companies. The results show that there is an obvious positive correlation between management power and corporate performance, and the degree of equity concentration has a moderating effect on the relationship between the two. There is a significant positive correlation between structural power and corporate performance, and the concentration of equity will weaken the positive correlation between the two; Owner's power is significantly positively correlated with corporate performance. Concentration of equity will weaken the incentive effect of owners; prestige power is significantly positively correlated with corporate performance, and the concentration of equity will weaken the positive correlation between the two; the relationship between expert power and corporate performance is not significant.
keywords:equity concentration  management power  corporate performance  real estate company
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