高管权力是影响公司绩效的重要因素。本文采用结构方程,以行为选择为中介变量,分析了高管权力与公司绩效之间的关系路径。研究发现:高管的结构权力越大,公司投资越少,在职消费越高,公司绩效越差;高管的所有权权力越大,公司投资越多,在职消费越低,公司绩效越好;高管的个人权力越大,公司投资越多,在职消费越高。 Executive power is an important factor affecting the company’s performance. In this paper, we use structural equation to choose behavior as an intermediate variable, and analyze the relationship between executive power and corporate performance. The findings are as follows: the higher the structural power of the senior executives, the less the company invests, the higher the working consumption, the worse the corporate performance; the higher the ownership power of the senior executives, the more the company invests, the lower the working consumption, the better the corporate performance; The greater the personal power of the company, the more the company invests and the higher the on-the-job consumption.