中国上市公司董事会行为与公司绩效关系实证研究

Empirical Test on the Relationship between Board Activity and Corporation Performance in Chinese Listed Company

以2005年中国证券市场公布的指标股为研究样本,用董事会会议频率表示董事会行为,实证分析了董事会行为的决定因素以及董事会行为与前期、当期和后期公司绩效之间的关系。研究表明,独立性越强的董事会将导致较高强度的董事会行为,内部所有权和董事会行为在规范管理方面存在替代性,股权制衡有助于产生积极的董事会行为,而外部董事的声誉激励制度和机构投资者制度对董事会行为的作用还有待进一步加强;董事会行为与前期经营绩效显著负相关,与当期和后期绩效显著正相关,两者之间存在显著的内生关系,而董事会行为的决定因素在内生关系中起着重要的作用。

For the firms listed on the indicate sample of 2005 in China stock exchange, the paper find that board activity is close related to the independence of board of directors. The improving of independence of board will lead to increase of board meeting frequency. Inside-ownership can substitute for board activity. Ownership concentration can improve the board activity. But the role that report incentive of independence director and institution investor in corporate governance is limited. The paper also finds that board activity is inversely related to prior operating performance and positively related to contemporary and prospective corporate performance. Board activity and corporation performance is endogenetic related, and the factors which determine the board activities are important to the endogenetic relationship.