董事会治理对公司绩效累积效应的实证研究——基于中国上市公司的数据

An Empirical Study on Accumulation Effect of Board Governance upon Corporate Performance: The Evidence from China Listed Companies

论文基于2004年和2005年中国上市公司数据,用南开大学董事会治理指数衡量中国上市公司董事会治理水平,对上市公司董事会治理与公司绩效之间的关系进行了实证研究。研究结果表明,中国上市公司董事会治理指数与公司绩效的改善之间存在显著相关关系,即董事会治理对公司绩效的影响存在累积效应,董事会治理对公司绩效改善的影响主要来源于董事会组织结构建设和董事薪酬激励的作用,而董事权利与义务、董事会运作和独立董事制度对公司绩效的影响则不显著。进一步的研究还发现公司绩效的行业固定效应随董事会治理水平的提高而弱化,并且董事会治理对公司绩效影响的累积效应边际递增。

This paper adopts econometrics model in the empirical analysis of the relationship between the board governance and the improvement of corporate performance based on the cross-sectional data of Chinese listed companies in 2004-2005. The result shows that board governance have a positive impact on the improvement of corporate performance, and the impact mainly come from board organization structure and director＇s compensation. But director＇s obligations, board operation and board independence have no insignificant impact on corporate performance. This further proves the fixed effect of industry on corporate performance will decrease with the improvement of board governance, and the positive effect of board governance on corporate performance is increased by margin.