董事会与公司治理:债务资本视角的实证研究

Board and Corporation Governance: An Empirical Study from the Perspective of Debt Capital

文章采用2003-2005年沪深股市上市公司的3,003个样本数据,从上市公司财务杠杆和债务期限结构决定的视角,实证研究了董事会对公司治理的影响。实证发现两职合一和独立董事比例与资产负债率显著正相关,董事会次数与资产负债率呈显著的倒U型曲线关系。董事会特征变量更多的影响资产负债率的决定而对债务期限结构没有显著影响。

With the data of 3003 listed companies from 2003 to 2005, this thesis analyzes the role of the board from the perspective of debt capital determination. We find a positive relationship between CEO duality and leverage, as well as a nonlinear relationship of revised U type between the times of board meetings and leverage. The characteristics of the board have more effects on leverage and have no significant effects on debt maturity structure.