董事会委员会有效性与治理溢价——基于中国上市公司的经验研究

The Effectiveness of Board Committee and Corporate Governance Premium

本文从投资者角度出发,以是否存在治理溢价作为衡量标准,对董事会专业委员会的有效性进行了分析。通过对沪深两市2002～2005年间面板数据的分析发现,在董事会中设立提名委员会、战略委员会和审计委员会,能够为投资者带来显著的治理溢价,这与麦肯锡公司在2000年和2002午两次对投资者所作调查得出的结论相一致。这些研究结论为我国公司治理改革提供了重要启示,即在资源和时间有限的情况下,应优先解决那些关键治理环节和要素;与此同时,对于尚未发挥应有效力的分委员会,应该分析并克服限制其作用发挥的消极因素,在既有的资源及禀赋约束下,充分发挥董事会专业委员会的积极治理作用。

This study explores the effectiveness of sub-committee from the aspect of investors, based on whether the committees can provide governance premium. We draw the panel data of Shanghai and Shenzhen stock exchange from 2002 to 2005. The results suggest that the establishment of Nomination, Strategy and Audit committees can bring significant premium to investors, that the company with good corporate governance, in the context of the same earnings, could bring extra returns to investors. This empirical evidence is consistent with the results of McKinsey＆ Company＇ s survey in 2000 and 2002. The conclusion could provide important enlightenment on the reform of corporate governance in China. In the meantime, for those sub-committees whose function hasn＇t been fully employed, we should analyze the negative factors restricting their effectiveness, and fully take advantage of their positive effect on corporate governance.