董事会家族特征与公司绩效研究

Research on Family Characteristic of Board Directors and Corporation Performance

本文以2004年度沪、深324家家族控股上市公司为研究样本,建立了董事会特征对公司绩效影响的模型。实证分析结果表明,家族成员担任董事长或总经理有利于提高公司绩效,董事会持股比例与公司绩效呈显著的二次曲线关系;董事会规模与公司绩效呈显著的三次曲线关系,家族董事、独立董事与公司绩效的相关性不显著。

This paper establishes the model of family govenance and corporate achievement based on a sample of 324 listed firms of family controlled in Shanghai and Shenzhen Securities Exchange. This paper finds out that family chairman and CEO is positively related to the corporate performance of famliy business; Board directors ＇ ownership and the corporate performance are a curvilinear relationship; Board size and the corporate performance are a thrice-curvilinear relationship; family directors and Independent directors are not positively related to the corporate performance.