董事会规模、内生性与公司绩效研究

Study on Board of Director's Size,Endogeneity and Corporate Governance

纵观有关董事会治理机制的经验研究文献,可以发现绝大多数学者都面临着变量的联合内生性问题。重点关注在内生条件下,董事会规模和公司绩效的关系。使用中国上市公司2004年度数据研究发现,董事会规模是一个影响公司治理的重要因素,但是,与现有的研究文献不同,没有发现董事会规模与公司绩效显著相关。这个结果表明,平均而言,中国公司选择了最优的董事会规模。董事会规模在截面上的变化只是反映了公司运营环境的不同,而非公司对这些治理机制的不合理运用。

Many empirical researches examined the size of board of directors and firm performance, but the conclusions were not coincident and the most researchers would consider joint endogeneity of variables. We contribute to this literature by exploring whether the size of the board of directors constitutes an independent governance mechanism was explored and was related to firm performance. Using a comprehensive set of listed Chinese companies, it is suggested that the size of the board of directors is an independent control mechanism. There is no significant relationship between board size and firm valuation. This suggests that Chinese firms,on average,choose their number of board members just optimally. Cross-sectional variations in board size reflect differences in firms＇ underlying environment ,but not mistaken choices.