银行债权二维治理及其公司治理效应研究
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摘要
将银行债权治理从单一机制静态研究扩展到二维机制互动与动态研究,发现:我国银行以契约治理为基础的二维治理框架已经形成,其效应呈动态优化趋势,但维度间形成替代关系,产生挤出效应,协同性不足;相比民营企业,二维治理各维度在国有企业中的效应更显著,且各维度均不断优化,维度间的互动关系出现了由替代向互补转变的端倪,而民营企业中契约治理不断完善,关系治理优化幅度不明显,维度间的替代关系反而加强。研究表明市场化改革和从严治党的成效明显,但市场化改革进程与人们预期尚有差距,特别是民营企业的规范化亟待加强。研究为进一步推动全面深化改革,建立规范的银行债权二维治理机制提供依据。
Expanding the single mechanism static state of bank claims to two-dimensional interactive mechanism dynamic studying,it is found that the two-dimensional governance framework of bank claims has been formed based on contract governance,and its effect shows a trend of dynamic optimization. However,there is a substitution relationship between the two dimensions,resulting in an extrusion effect and insufficient synergy. Compared with private enterprises,the effect of two-dimensional governance in state-owned enterprises is more significant,and the dimensions are constantly optimized. The interactive relationship between the dimensions has shown the beginning of the transformation from substitution to complementarity. In private enterprises,contract governance is constantly improved,the scope of relationship governance optimization is not obvious,and the substitution relationship between dimensions is strengthened. Research shows that market-oriented reform and an all-out effort to enforce strict Party discipline have achieved remarkable results,but there is still a gap between the process of market-oriented reform and people's expectations,especially the standardization management of private enterprises needs to be strengthened urgently. The study provides a basis for further promoting the comprehensive reform and establishing a standardized two-dimensional governance mechanism of bank claims.
Expanding the single mechanism static state of bank claims to two-dimensional interactive mechanism dynamic studying,it is found that the two-dimensional governance framework of bank claims has been formed based on contract governance,and its effect shows a trend of dynamic optimization. However,there is a substitution relationship between the two dimensions,resulting in an extrusion effect and insufficient synergy. Compared with private enterprises,the effect of two-dimensional governance in state-owned enterprises is more significant,and the dimensions are constantly optimized. The interactive relationship between the dimensions has shown the beginning of the transformation from substitution to complementarity. In private enterprises,contract governance is constantly improved,the scope of relationship governance optimization is not obvious,and the substitution relationship between dimensions is strengthened. Research shows that market-oriented reform and an all-out effort to enforce strict Party discipline have achieved remarkable results,but there is still a gap between the process of market-oriented reform and people's expectations,especially the standardization management of private enterprises needs to be strengthened urgently. The study provides a basis for further promoting the comprehensive reform and establishing a standardized two-dimensional governance mechanism of bank claims.
引文
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Aguilera,R.,K.Desender,M.Bednar,J.Lee.2015.Connecting the Dots:Bringing External Corporate Governance into the Corporate Governance Puzzle.The Academy of Management Annals,9(1):483～573
Blome,C.,T.Schoenherr,M.Kaesser.2013.Ambidextrous Governance in Supply Chains:The Impact on Innovation and Cost Performance.Journal of Supply Chain Management,49(4):59～80
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Schepker,D.,W.Oh,A.Martynov,L.Poppo.2014.The Many Futures of Contracts:Moving Beyond Structure and Safeguarding to Coordination and Adaptation.Journal of Management,40(1):193～225
彭红枫,张韦华,张晓.2014.银行关系,政治关联与信贷资源配置效率——基于我国上市公司的实证分析.当代经济科学,5:52～60
邢建国.2005.治理伦理与公司治理:二维治理结构的建立.中国工业经济,10:58～65
余明桂,潘红波.2008.政治关系,制度环境与民营企业银行贷款.管理世界,8:9～21
张敦力,李四海.2012.社会信任,政治关系与民营企业银行贷款.会计研究,8:17～24
中国人民银行营业管理部课题组.2017.预算软约束、融资溢价与杠杆率——供给侧结构性改革的微观机理与经济效应研究.经济研究,10:53～65
Aguilera,R.,K.Desender,M.Bednar,J.Lee.2015.Connecting the Dots:Bringing External Corporate Governance into the Corporate Governance Puzzle.The Academy of Management Annals,9(1):483～573
Blome,C.,T.Schoenherr,M.Kaesser.2013.Ambidextrous Governance in Supply Chains:The Impact on Innovation and Cost Performance.Journal of Supply Chain Management,49(4):59～80
Grandori,A.2006.Innovation,Uncertainty and Relational Governance.Industry and Innovation,13(2):127～133
Schepker,D.,W.Oh,A.Martynov,L.Poppo.2014.The Many Futures of Contracts:Moving Beyond Structure and Safeguarding to Coordination and Adaptation.Journal of Management,40(1):193～225