董事会特征与行为对公司绩效影响的实证研究

【作者】 陈秋红；

【导师】 王振山；

【作者基本信息】 东北财经大学 ， 金融学， 2006， 硕士

【摘要】 董事会作为公司治理的内部核心机制之一，在公司中是一个重要的决策和监督机构。建立一个规范而富有效率的董事会是构建现代公司治理结构的关键。对现代企业制度而言，积极发挥董事会在公司治理中的作用及正确处理其与公司治理中其他组成部分之间的关系是公司制度得以较好发挥作用的中心课题和重要保障，因此，在过去半个世纪以来，董事会一直是金融学的研究焦点。那么，作为一种新型的治理机制，董事会在我国上市公司中的治理效率如何?是否有效地发挥了其应有的作用呢?论文选用2002年12月31日前在上海证券交易所上市的300家非金融类A股公司作为研究样本，以2005年为数据窗口，首先分析了我国上市公司董事会的现状，然后从董事会规模、独立董事比例、董事长与总经理两职设置状况和年度会议的次数等董事会的特征和行为出发对我国上市公司董事会的有效性进行了实证分析。本文用每股收益、净资产收益率、主营业务总资产利润率三个指标来衡量企业绩效，采用普通最小二乘法对回归模型进行分析来研究董事会特征和行为与企业绩效之间的关系。研究结果显示：董事会规模与企业绩效之间的关系是不确定的；独立董事比例与选定的公司治理绩效指标都呈现出正的相关性；两职合一情况与企业绩效之间的关系是不确定的；董事会会议频数与企业绩效负相关。但是，除了两职合一情况和董事会会议次数与ROE的相关性是显著的外，其他的结果都不具备显著性。同时，通过将样本按第一大股东持股比例不同分成两部分分析得出：第一大股东持股比例小于50％的公司中董事会特征和行为对公司绩效的影响程度要高于第一大股东持股比例大于50％的公司。这些结果表明，我国上市公司董事会制度仍然不完善，其在公司治理中发挥的作用不大，更多的董事会仅仅是个“橡皮图章(rubber stamp)”，实践表明我国存在“弱董事会”现象。根据以上结论，本文对我国上市公司治理特别是董事会制度的完善与发展提出了合理规范董事会规模，改进和完善独立董事制度建设，董事长与总经理职位适度分离，改善董事会会议的效率和质量以及优化上市公司股权结构等政策建议。本文主要分为三个部分，第一部分包括第一、二章，展示了一个关于我国上市公司董事会特征与行为对公司绩效影响问题研究的报告提纲，并对国内外有关董事会的特征与行为对公司绩效影响的研究进行了回顾，从理论上进行了一次梳理；第二部分包括第三、四章，提出了董事会特征和行为对公司绩效影响的相关假设，并进行了理论和实证的分析；第三部分是第五章，针对本文实证研究的结论，提出了相关的政策建议。更多还原

【Abstract】 Management power of a corporation is typically centralized in a Board of Directors who establishes company policy and is elected by the stockholders. A good board structure reflects its efficiency of management in Modem Corporation. To increase efficiency in the management and the governance of a company, its structure is the main component. As for modern enterprise system, board has been being a research focus of financial. As a new governance mechanism, its governance efficiency, wether or not can develop effectively? Its function which it should have been?This article quotes non-financial institutions as examples, which started public offering in A stock market before Dec 31, 2002, take the data of 2005 as data window. Firstly, this research analyzes the present condition of the listed company board in China. Then gives the experimental analyzes from the board characteristics and activies such as board size, the proportion of independent director, board meeting frequency and duality. This paper adopt ROE,EPS,CROA to measure corporate performance and adopt ordinary least squares model to analyze the relationship between the board characteristic and corporate performance..Results show the correlation of the size of the board and the firm performance is not definite; the proportion of independent director is positively correlated with firm performance; the correlation of duality and the firm performance is not definite; the frequency of the board meeting is negatively correlated with firm performance. But except the duality and the frequency of the board meeting is sinaficantly correlated with firm performance, the results are all not significant. At the same time, when we devided the sample into two parts according to the proportion of the first number shareholder, we found that the degree of the correlation of the board characteristics and activies and the firm performance in the companies which the first number shareholder less than 50% is more profound than the others. These results demonstrate that the board system of listed firm is still imperfect, most of boards just are "rubber stamp". Practice shows there is a phenomenon of "weak board" in China.According to the above conclusions, this paper promote many suggestions to improve further proposes such as: standard the board size, improve and perfect the system of Independent Directors, improve the duality, enhance the efficiency of the board meeting and optimize the ownership of listed companies.The article is divided into four parts. The first section include the chapter one and two, they show us the outline of the article, and review the correlated research of it; the second section include the chakpter three, four and five, they put forward the hypothesis of the influence of the board characteristics and activies on the firm performance, then gives the theoritical research and experimental analyzes. The third section is chapter five, this paper put forward many suggestions according to the above conclusion.更多还原