业务复杂度、股权特征与董事会结构

Companies' Operating Complexity,the Characteristics of Shareholders and Board Structure

与大多数研究董事会结构是否影响以及如何影响公司业绩或管理层的行为等董事会结构运行效率的论文不同,文章关注的是董事会结构的决定因素,以及它是不是公司根据面临的经营环境所做的一种权衡?为此,文章从公司业务复杂度、股权特征等变量着手,研究它们对董事会结构的影响,同时,还通过主成分分析对研究结果做了进一步的检验。研究结果表明,公司业务复杂度与董事会规模、独立董事比例和独立董事声誉显著正相关;研究还发现股权性质和股东制衡能力也是影响董事会结构形成的重要因素。这些结果表明,公司会根据其经营特征和环境来选择合适的董事会结构。

Different from the papers about board structure efficiency,this paper focuses on the questions： which factor is the determinant？ Will the companies choose a suitable form of board structure that is adapted to their operating environment？ So the paper studies the determinants of board structure from operating complexity and the characteristics of shareholders. We use principal components analysis to test them. Our results find that there are positive relations between companies＇ operation complexity and any of board size, the proportion of independent director and independent director reputation. We find that the property of shareholders and concentration of ownership are important factors that may affect board structure. The results show that companies choose a suitable board structure to adapt to their environment and companies’ characteristics.