产品市场竞争、董事会结构与公司绩效——基于中国上市公司的实证分析

Product Markets Competition,the Board of the Directors and Corporate Performance——Based on empirical analysis of Chinese listed companies

本文采用沪、深两市10大行业共计525个样本公司数据,对处于不同竞争度的产品市场的上市公司,就其董事会规模、独立董事比例、总经理与董事长是否两职合一与公司绩效间关系进行实证检验。结果表明:在不同竞争度的产品市场中,董事会发挥的治理功能也不相同。在产品市场竞争度低的行业中,由于外部市场监管不便或不利,客观上需要董事会发挥其应有的监管作用;而在产品市场竞争度高的行业中,市场能够起到较好的监督作用,董事会仅起到一定的辅助监管作用。从我国的实际情况来看,产品市场竞争度有待进一步提高,强化董事会的监管作用有利于完善公司治理,提高公司绩效。

Based on the sample of 525 Chinese listed companies, we have analyzed the relationship among the size of the board, the scale of independence director, corporate performances and whether, the general manager acts as the chairman of the director. The result tells us that the board of the directors functions differently in different product markets competition. The board of the directors is needed because the supervision of the market is weak in low product markets competition. The market can supervise well in high product markets competition. We also found internal and external corporate governance should help each other instead of substituting for each other, thus they can develop the perfect govemance performances.