上市公司高层管理团队治理绩效评价系统及实证研究
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摘要
中国上市公司历经十多年的发展，现代公司治理结构与治理机制逐步建立。公司治理理论界与实务界迫切需要了解中国上市公司TMT(Top Management Team—TMT)治理的质量状况：股东及其他利益相关者的利益是否得到了有效的保护；何种TMT治理模式更适合中国上市公司治理环境；如何规范董事会与TMT的关系；董事会与TMT的权力与责任如何配置更有利于提高公司绩效；TMT如何运作才能形成完善的决策机制；采用何种激励与约束机制才能有效降低代理成本、并促使TMT为公司长期发展而努力；如何有效管理董事会与TMT之间的冲突才能有利于公司TMT治理绩效的提高；决定上市公司TMT治理绩效的主要因素有哪些；公司TMT治理绩效与上市公司绩效间的关系如何等等。以上问题构成了近几年公司治理理论与实证研究中关于TMT治理及其绩效评价研究的重要分支。
本文试图创建一套适用于中国上市公司TMT治理环境的公司TMT治理绩效评价系统，通过系统的运行，掌握中国公司TMT治理状况，观察与分析中国上市公司董事会与TMT的权力与责任的配置关系、TMT的决策与领导效能、TMT的激励机制、TMT的选拔与更替、TMT的结构等方面的现状与问题，并在此基础上展开一系列的理论分析与实证研究，探索中国上市公司TMT的治理模式，规范上市公司TMT治理结构与治理行为，构建良好的TMT的决策机制、激励与约束机制、领导机制，优化TMT与董事会的关系，保护股东以及其他利益相关者的利益，实现良好的经营业绩。
本文运用公司治理理论与企业高层管理理论，从上市公司TMT治理与TMT运作管理相契合的角度，通过科学的界定上市公司TMT治理结构与机制的概念与内涵，创造性的提出了上市公司TMT治理绩效评价的对象与内容。
运用冲突管理理论分析方法，以上市公司TMT为核心，从公司治理的角度提出并结构化了公司TMT与董事会、监事会、公司利益相关者之间的冲突类型与冲突管理的方法策略。运用现代领导理论分析方法，以上市公司CEO为核心，结合中国文化背景，开展CEO领导柔性策略的本土化研究，提出并结构化了CEO对上(董事会、监事会)与对下(TMT其他成员)的影响计策与方法。运用企业高层梯队理论分析方法，构建了公司TMT的结构特征与公司绩效关系的研究框架。运用战略柔性理论分析方法，深入研究公司治理机制中的战略决策机制，提出了公司治理中战略柔性决策机制的研究框架。
运用系统论的思想与方法，探讨了上市公司TMT治理绩效评价的程序、评价
目的与原则，分析了上市公司TMT治理绩效的主要影响因素与权变因子。在此基
础上，设计出了较为完善的上市公司了MT治理绩效评价指标体系。采用数学推理
的定量方法和企业绩效评价的定性方法，主观与客观相结合，系统地构建了上市
公司下MT治理绩效评价的方法模型，具体包括:TMT治理绩效评价指标的量化
原则、TMT治理绩效评价指标的计算方法、了MT治理绩效评等方法与评价基准。
最后，本文通过实证研究，构建了上市公司下MT治理绩效与公司绩效的关系
模型，并对系统的强韧性进行了实证测试，探讨系统动态更新的动力因素，提出
了动态的下MT治理绩效评价系统模型。
The Chinese listed companies have gradually established modern company governance structure and mechanism during ten-year's development. The researchers and industries need urgently to learn the situation of the governance by the Top Management Team(TMT)to the listed companies in China. The problems include whether the interest of the stockholders and other stakeholders is guaranteed effectively; which mode of TMT governance is more suitable to the governance environment of the Chinese listed companies; how the relationship between the board and TMT is standardized; how the right and responsibility of the board and TMT is allocated to improve the performance effectively, how the TMT is run in order to form perfect decision-making mechanism; which incentive and restrain mechanism should be adopted to reduce the agent cost and encourage TMT to strive for the long-run development; how the conflict between the board and TMT is controlled effectively to improve the governance performance by the company TMT; what
factors will influence the governance performance of the listed company by TMT, what is the relationship between the governance performance of the company TMT and the performance of the listed company etc. The above problems have become the important part of the company governance theory and empirical research concerning TMT governance performance and its evaluation.
This paper tries to construct a performance evaluation system of the company TMT governance which is suitable to the environment of the Chinese listed company TMT governance. Through the operation of the system The companies can control the situation of the company TMT governance, to observe and analyze the relationship between the right and responsibility between the board and TMT in the listed companies, the decision-making and leadership efficiency, the incentive mechanism of TMT, the selection and alteration of TMT, the structure of TMT etc. The paper then will do some theoretic analysis and empirical research, and explore the TMT governance mode suitable to the Chinese listed companies, and make the TMT governance structure and behavior of the listed companies standardized, and construct good decision-making mechanism of TMT, incentive and restrain mechanism, leadership mechanism, optimize the relationship between the TMT and the board, and protect the interest of the stockholders and other stakeholders
to better the management performance.
Under the guidance of the company governance theory and enterprise top management theory, this paper creatively puts forward the objectives and the contents of the TMT governance performance evaluation of the listed companies from the perspective of the fit by the scientific definition of the governance structure and mechanism of the listed company TMT.
Based on the analytical method of the conflict management theory, taking the listed company TMT as the core object, this paper puts forward and structures the conflict types and conflict management strategies among the company TMT and the board, the board of supervisors, and the stakeholders from the company governance point of view. Based on the analytical method of the modern leadership theory, taking the listed company CEO as the core object this paper puts forward and structures the effective strategies on the superior (the board, the board of supervisors) and the subordinate (other TMT members), combined with the Chinese culture background, and making the research on the flexible leadership strategies of the CEO. Based on the analytical method of the enterprise top management team theory, the paper constructs the research frame about the relationship between the structure characteristics of TMT and the company performance. Based on the analytical method of the flexible strategy theory, this paper puts f
orward the research frame about the strategic flexible decision-making mechanism of the company governance by the study on the strategic decision-making mechanism in the company governance mechanism.
Based on the systematic theory, t
本文试图创建一套适用于中国上市公司TMT治理环境的公司TMT治理绩效评价系统，通过系统的运行，掌握中国公司TMT治理状况，观察与分析中国上市公司董事会与TMT的权力与责任的配置关系、TMT的决策与领导效能、TMT的激励机制、TMT的选拔与更替、TMT的结构等方面的现状与问题，并在此基础上展开一系列的理论分析与实证研究，探索中国上市公司TMT的治理模式，规范上市公司TMT治理结构与治理行为，构建良好的TMT的决策机制、激励与约束机制、领导机制，优化TMT与董事会的关系，保护股东以及其他利益相关者的利益，实现良好的经营业绩。
本文运用公司治理理论与企业高层管理理论，从上市公司TMT治理与TMT运作管理相契合的角度，通过科学的界定上市公司TMT治理结构与机制的概念与内涵，创造性的提出了上市公司TMT治理绩效评价的对象与内容。
运用冲突管理理论分析方法，以上市公司TMT为核心，从公司治理的角度提出并结构化了公司TMT与董事会、监事会、公司利益相关者之间的冲突类型与冲突管理的方法策略。运用现代领导理论分析方法，以上市公司CEO为核心，结合中国文化背景，开展CEO领导柔性策略的本土化研究，提出并结构化了CEO对上(董事会、监事会)与对下(TMT其他成员)的影响计策与方法。运用企业高层梯队理论分析方法，构建了公司TMT的结构特征与公司绩效关系的研究框架。运用战略柔性理论分析方法，深入研究公司治理机制中的战略决策机制，提出了公司治理中战略柔性决策机制的研究框架。
运用系统论的思想与方法，探讨了上市公司TMT治理绩效评价的程序、评价
目的与原则，分析了上市公司TMT治理绩效的主要影响因素与权变因子。在此基
础上，设计出了较为完善的上市公司了MT治理绩效评价指标体系。采用数学推理
的定量方法和企业绩效评价的定性方法，主观与客观相结合，系统地构建了上市
公司下MT治理绩效评价的方法模型，具体包括:TMT治理绩效评价指标的量化
原则、TMT治理绩效评价指标的计算方法、了MT治理绩效评等方法与评价基准。
最后，本文通过实证研究，构建了上市公司下MT治理绩效与公司绩效的关系
模型，并对系统的强韧性进行了实证测试，探讨系统动态更新的动力因素，提出
了动态的下MT治理绩效评价系统模型。
The Chinese listed companies have gradually established modern company governance structure and mechanism during ten-year's development. The researchers and industries need urgently to learn the situation of the governance by the Top Management Team(TMT)to the listed companies in China. The problems include whether the interest of the stockholders and other stakeholders is guaranteed effectively; which mode of TMT governance is more suitable to the governance environment of the Chinese listed companies; how the relationship between the board and TMT is standardized; how the right and responsibility of the board and TMT is allocated to improve the performance effectively, how the TMT is run in order to form perfect decision-making mechanism; which incentive and restrain mechanism should be adopted to reduce the agent cost and encourage TMT to strive for the long-run development; how the conflict between the board and TMT is controlled effectively to improve the governance performance by the company TMT; what
factors will influence the governance performance of the listed company by TMT, what is the relationship between the governance performance of the company TMT and the performance of the listed company etc. The above problems have become the important part of the company governance theory and empirical research concerning TMT governance performance and its evaluation.
This paper tries to construct a performance evaluation system of the company TMT governance which is suitable to the environment of the Chinese listed company TMT governance. Through the operation of the system The companies can control the situation of the company TMT governance, to observe and analyze the relationship between the right and responsibility between the board and TMT in the listed companies, the decision-making and leadership efficiency, the incentive mechanism of TMT, the selection and alteration of TMT, the structure of TMT etc. The paper then will do some theoretic analysis and empirical research, and explore the TMT governance mode suitable to the Chinese listed companies, and make the TMT governance structure and behavior of the listed companies standardized, and construct good decision-making mechanism of TMT, incentive and restrain mechanism, leadership mechanism, optimize the relationship between the TMT and the board, and protect the interest of the stockholders and other stakeholders
to better the management performance.
Under the guidance of the company governance theory and enterprise top management theory, this paper creatively puts forward the objectives and the contents of the TMT governance performance evaluation of the listed companies from the perspective of the fit by the scientific definition of the governance structure and mechanism of the listed company TMT.
Based on the analytical method of the conflict management theory, taking the listed company TMT as the core object, this paper puts forward and structures the conflict types and conflict management strategies among the company TMT and the board, the board of supervisors, and the stakeholders from the company governance point of view. Based on the analytical method of the modern leadership theory, taking the listed company CEO as the core object this paper puts forward and structures the effective strategies on the superior (the board, the board of supervisors) and the subordinate (other TMT members), combined with the Chinese culture background, and making the research on the flexible leadership strategies of the CEO. Based on the analytical method of the enterprise top management team theory, the paper constructs the research frame about the relationship between the structure characteristics of TMT and the company performance. Based on the analytical method of the flexible strategy theory, this paper puts f
orward the research frame about the strategic flexible decision-making mechanism of the company governance by the study on the strategic decision-making mechanism in the company governance mechanism.
Based on the systematic theory, t
引文
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