中国上市公司董事会治理评价实证研究

Empirical Study on the Evaluation of the Board Governance of China's Listed Companies

董事会治理是公司治理的核心,董事会治理评价是公司治理评价系统的关键内容。本文在对国内外有关研究文献进行评述的基础上,构筑了董事会治理评价指标体系,并从不同的角度对我国上市公司董事会治理状况及其与公司绩效之间的关系进行了实证分析。实证结果显示:第一,控股股东性质、行业因素会对董事会治理水平产生一定的影响,民营企业具有显著的治理优势;第二,公司治理绩效与董事会治理水平之间呈现一种倒U曲线关系。实证结果验证了Rediker与Seth关于董事会治理机制间替代效应的观点。该结论的政策含义是,在当前董事会治理缺乏外部治理机制、大股东治理弱化、内部董事间的相互监督和经理人持股的激励效应都不强的情况下,董事会治理改革的关键在于,通过引入战略投资者特别是民间战略投资者,完善董事会专业委员会的制度建设,强化内部治理机制。

The board governance is the core of corporate governance; the level of board governance is the key factor for the improvement of corporate performance. Based on the review of related literature, the paper builds the indexes of evaluation system and makes some empirical analysis. The results are: (1)The holding-shareholder and industry have a certain effect on the board governance; (2)There exists a converse U curve relation between the board governance and the corporate performance. These results confirm the alternative effect view on board governance by Kenneth J. Rediker and Anju Seth. The policy implication of these results is that under current circumstance of lacking external governance mechanism and big shareholder's governance, little monitoring between inside directors and little incentive effect of shareholding, the key to reform the board should be to improve the institutional construction of the board's special committee, and to strengthen inside governance mechanisms through introducing strategic investors especially private ones.