【作者】 张毅；

【导师】 赵文平；

【作者基本信息】 西安电子科技大学 ， 企业管理， 2014， 硕士

【摘要】 从世界范围看,董事会治理一直是国际学术界的热点领域。近20年来,董事会治理研究从逐步以美国为主到英、美、日、德等主要发达国家,进一步扩展到转轨时期的新兴市场经济国家。众多学者将董事会治理的研究由基础研究扩展到董事会治理与企业绩效关系的实证分析,试图探索董事会治理结构对企业绩效的影响,以提升董事会治理质量来提高企业绩效,如董事会规模、独立董事比例、两职兼任等与企业绩效的关系。但是,如何构建适合本地区企业的董事会治理结构和框架,成为学术界普遍争论的问题。国内外学者从独立董事制度引入我国至今,关于我国董事会治理研究层出不穷,但一直未有定论。这给企业管理者和政策制定者带来一定的困惑。虽有学者采用传统定性文献综述方法,对我国近年来董事会治理研究进行总结梳理,但传统描述性文献综述往往带有作者一定的主观片面性,缺乏有力的科学性和客观性做支撑,并难以提供一套有效的可重复的研究体系。本文采用元分析(Meta-analysis)方法,通过搜集各学术论文数据库2002年以来关于董事会治理结构与企业绩效关系研究的文献,并按照确立的文献搜集标准,共整合了38篇中英文献,其中期刊、会议论文等被公开发表的22篇,硕博士论文16篇,获取了以皮尔逊相关系数为效应值的91个研究变量、31737个总样本量。采用元分析方法不仅能够保持传统综述研究全面性的特性,而且能够克服传统综述研究的不足,得出更具普适性的结论,使结论更具科学性和客观性。通过元分析专业软件CMA2.0数据再分析,研究结论表明:第一,董事会规模与企业绩效正相关,即企业绩效随着董事会规模的扩大而提高;并无证据显示我国董事会中独立董事比例的提高会提高企业经营业绩;董事长同时兼任总经理对企业绩效有显著的正面效用。第二,国有产权负向调节了我国董事会的治理效率,尤其是国有企业中董事长和总经理两职兼任将对企业经营绩效产生严重负面影响,该结论同时支持了国有股权私有化改制的正确性。第三,传统的委托代理理论并不能很好的解释我国董事会构成与企业绩效的关系,资源依赖理论更好地解释了我国董事会治理效率。本文的研究不仅丰富了我国董事会治理的研究,而且为近年来所有关于我国董事会治理结构与企业绩效之间关系的争论作了一个总结,并给出了一个具有普适性的结论,从而为我国公司治理的实践者和政策制定者,提供了一定的借鉴意义。更多还原

【Abstract】 Around the world, the board of directors governance has always been the hot spot of the international academic field. Over the past 20 years, the board of directors governance research from gradually is given priority to with the United States to Britain, America, Japan, Germany and other major developed countries, further extend to the transition of the emerging market economies. Many scholars to expand the basis of the research by the board of directors governance research to the board of directors governance and corporate performance relationship of empirical analysis, trying to explore the board governance structure influence on enterprise performance, in order to improve the quality of board governance to improve business performance, such as board size, independent directors proportion, the relationship between the two as part-time is equal to the enterprise performance. However, how to build a framework for corporate governance structure of the board of directors and the region, become a problem generally academic debate. Since the independent director system is introduced into our country, scholars both at home and abroad on the board of directors governance research in China emerge in endlessly, but had been inconclusive. This brings to the enterprise managers and policy makers must be confused., though some scholars in traditional qualitative method of literature review, research in our country in recent years, the board of directors governance summary, but the traditional descriptive literature review with a certain subjective one-sidedness, the author often lack the support of powerful scientific and objective and provides a set of effective system of repeatable research.This paper uses the element analysis(Meta-analysis) method, through the collection of the academic database since 2002 on the relationship between board structure and corporate performance management literature, and collected in accordance with the established standard of literature, co integration 38 articles in English literature, including journals, conference papers were published 22 papers, doctoral dissertation 16 papers, 91 research variables, a total sample of 31737 obtained by Pearson correlation coefficient of effect value. By element analysis method can not only keep the characteristics of traditional research review of comprehensive, and can overcome the shortcomings of traditional paper, draw a more universal conclusion, make the conclusion more scientific and objective. Then through the analysis of element analysis data of CMA2.0 professional software.Based on recent empirical research literature on corporate governance. Based on recent empirical research literature on corporate governance, this article uses Meta-analysis to study the effect of corporate governance in our country.the results show that with the increase of the size of the board, along with improved business performance; no evidence that the proportion of independent directors of the Board will increase to improve business performance, duality of chairman of the board and general manager has a significant positive effect. Second, duality of chairman of the board, and general manager in state-owned enterprises will have a serious negative impact on the performance,the conclusion supports the privatization of state-owned enterprises reform policies correctness. Third, the traditional principal-agent theory does not explain the relationship of a good board composition and corporate performance, resource dependency theory, but to better explain the effectiveness of the Board of Management. These studies not only enriches the study of the board governance efficiency, but also for all the recent debate about the relationship between our Board composition and corporate performance made a summary and conclusions are given with a universal one, so for China practitioners and policy makers in corporate governance, provide some reference更多还原