企业家学者项目（DBA）整合全球优质教育资源，打造极具前沿性和系统性课程，在框架模块、聚焦模块、专题研究+实践课堂这三大核心课程中，涵盖2大金融主题与4大微观主题，探索6大宏观方向，定制化行业专题，走访行业内领军企业。武玉杰同学在理论与实践的碰撞中，收获了应对新商业文明下新问题与新挑战的能力。“理解—判断—实践—引领”的DBA学习之旅，让他在企业家学者项目中历经了新商业文明的一次次洗礼，完成了跨越式的思想“突围”。  

本次论文答辩，来自长江商学院和新加坡管理大学（SMU）的教授们共同见证了武玉杰同学的学术成果。

 

Xuesong GENG

Associate Professor of Strategic Management, SMU

Haitao LI

Professor of Finance,

Dean of CKGSB

  

Xia CHEN

Lee Kong Chian Professor of Accounting, SMU

武玉杰 | 儒家价值观、公司治理机制对企业绩效的影响研究

武玉杰同学答辩中

▇ 论文摘要：

作为中华传统文化的主体，儒家价值观对中国企业的行为产生了深刻的影响。利用中国上市公司数据，本研究实证检验了儒家价值观和公司治理机制对企业经济绩效和社会绩效的影响，得出以下主要结论：

首先，儒家价值观对企业绩效具有显著正向影响。深受儒家文化影响的企业往往展现出更优异的经济和社会绩效。这一发现说明儒家价值观在促进企业负责任行为和提升绩效方面存在积极作用。

其次，公司治理机制对企业绩效具有复杂的影响，其中，机构所有权的增加与企业绩效正相关，表明机构投资者能够通过有效监督提升公司治理水平。而大股东持股比例的影响则较为复杂，其对企业绩效的影响依赖于儒家价值观的地域差异性。

再次，儒家价值观与公司治理机制之间存在交互作用，共同影响企业绩效。儒家价值观的积极影响在具有良好公司治理结构的企业中更为显著，特别是在独立董事比例较高的企业中更加突出。这一发现揭示了儒家价值观与公司治理机制在提升企业绩效中的互补作用。

最后，本研究发现，儒家价值观与公司治理变量之间交互效应的地域异质性。不同儒学中心附近的企业，在儒家价值观的作用及其与公司治理机制相互作用的效果上存在显著差异。这表明，地域文化背景和儒家价值观不仅直接影响企业绩效，还通过公司治理机制的不同配置产生调节作用。这一发现强调了在考虑儒家价值观对企业策略和绩效影响时，必须认识到地域异质性的重要性，以及儒家价值观与公司治理结构之间复杂的互动关系。

通过深入探讨儒家价值观及公司治理机制对企业经济与社会绩效的异质性影响，本研究不仅拓展了现有文献的研究视角，而且为企业管理实践提供了新的指导，即在全球化与多元文化背景下，理解并有效结合非正式制度与正式公司治理机制，对于提升企业的绩效至关重要。

答辩现场

▇ ABSTRACT：

As the cornerstone of traditional Chinese culture, Confucianism profoundly influences Chinese enterprises' behavior. This study empirically examines the impact of Confucianism and corporate governance mechanisms on firms' economic and social performance, yielding the following principal conclusions utilizing data from Chinese-listed companies:

Firstly, Confucianism significantly and positively influences corporate performance. Enterprises deeply rooted in Confucian culture often exhibit superior economic and social performance. This finding indicates the positive role of Confucianism in promoting responsible corporate behaviors and enhancing performance.

Secondly, the impact of corporate governance mechanisms on corporate performance is complex. An increase in institutional ownership correlates positively with corporate performance, suggesting that institutional investors can elevate corporate governance standards through effective oversight. The influence of the proportion of shares held by principal shareholders is more intricate, depending on the regional differences of Confucianism.

武玉杰同学在长江DBA活动中

Thirdly, an interaction exists between Confucianism and corporate governance mechanisms, jointly affecting corporate performance. The positive effects of Confucianism are more pronounced in firms with robust corporate governance structures, especially those with a higher proportion of independent directors. This finding unveils the complementary roles of Confucianism and corporate governance mechanisms in improving corporate performance.

Lastly, the study identifies the regional heterogeneity in the interactive effects between Confucianism and corporate governance variables. Firms located near different Confucian centers vary significantly in how Confucianism and their interactions with corporate governance mechanisms impact performance. This suggests that regional cultural backgrounds and the depth of Confucianism directly affect corporate performance and modulate through different corporate governance mechanisms. This finding underscores the importance of acknowledging regional heterogeneity and the complex interplay between Confucianism and corporate governance structures when considering their influence on corporate strategies and performance.

By exploring the heterogeneous impacts of Confucianism and corporate governance mechanisms on economic and social performance, this study not only expands the research perspective of the existing literature but also provides new guidance for corporate management practice. Understanding and effectively integrating informal institutions with formal corporate governance mechanisms is crucial for enhancing corporate performance in globalization and multiculturalism.

论文答辩的顺利落幕，对武玉杰同学来说并非意味着终点，而是标志着他作为终身学习者的新起点。未来，他将怀揣对中西方管理学理论的深刻理解和独特见解，持续致力于新商业文明理念的实践。他将以独到的眼光和前瞻性的思考，不断为中国经济注入新的生机与活力，引领行业朝着更加广阔的天地迈进。