| In recent years,with the implementation of the mixed ownership reform of state-owned enterprises and the development of the capital market,there are some companies without actual controllers in the A-share market,and the trend is increasing.In addition,there are many cases of capital market reorganization and acquisition,the decentralization of stock rights before IPO,the reduction or dilution of stock rights by the original actual controller,and the lack of agreement or terms of concerted action among shareholders,all of which are the reasons for the increase of the number of companies without actual controller.At the same time,due to the decentralization of stock rights,companies without actual controllers are coveted and listed by various kinds of capital repeatedly,even leading to the fight for control rights,which has a huge impact on the capital market.At the same time,all sectors of the society begin to pay attention to the listed companies without such actual controllers.In a company without actual controller,the CEO is at the top of the authority.He not only has the power to manage the daily operation of the company,but also participates in the decision-making of the company's major decisions.How does the strengthening of CEO's power affect the company's performance? This problem has been widely concerned by the theoretical and practical circles.Based on principal-agent theory,corporate control theory,group decision-making theory and power perception theory,this paper analyzes the influence of CEO power intensity on corporate performance in a company without actual controller.The analysis shows that in a company without actual controller,the stronger the power of CEO,the more able it is to alleviate the uncertainty inside and outside the company.At the same time,the powerful CEO can provide professional knowledge and external resources support for the company,so as to improve the performance level of the company.When the CEO has more power,it also increases its ability to suppress other inconsistent opinions and the possibility of implementing self-interest behavior At this time,CEO is more likely to perceive positive information such as reward,promotion and success,and ignore negative information such as threat or failure,which will improve the probability of CEO to make extreme decisions,so that the company's performance will fluctuate greatly.On the basis of theoretical analysis,this paper selects a company with no actual controller in A-share market from 2015 to2018 as the research sample to study the relationship between CEO's power intensity and company's performance level and volatility,and introduces internal governance mechanism as a regulating variable to explore the relationship between CEO's power intensity and company's performance volatility The regulatory role of.The empirical results show that:(1)the power intensity of CEO in the company without actual controller has a positive impact on the company's performance,that is,the greater the power intensity of CEO,the better the company's performance;(2)the power intensity of CEO in the company without actual controller has a positive impact on the company's performance volatility,that is,the greater the power intensity of CEO,the stronger the company's performance volatility;(3)no actual controller The internal governance mechanism plays a negative role in the relationship between CEO power intensity and corporate performance volatility,that is,the higher the quality of internal governance mechanism,the weaker the positive impact of CEO power intensity on corporate performance volatility.The innovation of this paper lies in choosing the company without actual controller as the research sample,discussing the influence of CEO's power intensity on the company's performance,and taking the performance volatility as an aspect of considering the company's performance,making up for the lack of only considering the performance level but neglecting the performance risk in the previous research;at the same time,considering how the reasonable and effective internal governance mechanism can make up for the lack of actual control It is a rich and deep research in the field of corporate governance to reveal the influence path of internal governance mechanism on the relationship between CEO power intensity and corporate performance volatility.The conclusion of this paper can be used for reference for companies without actual controller to check and balance the power intensity of CEO,promote performance improvement and reduce performance risk. |
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