股权集中度、董事会独立性与治理环境

Ownership Concentration,Board Independence and Governance Environment:Evidence Based on Listed Companies in China

采用中国A股上市公司2003~2005年的数据,考察了治理环境对公司股权集中度和董事会独立性的影响。实证研究发现：地区治理环境指数与公司股权集中度显著负相关,上市公司所处地区的政府对经济的干预程度越低、法治化水平越高,公司的股权集中度越低,但在非政府控制的上市公司样本中,这种相关性不显著;地区法治化水平与公司董事会独立性显著正相关,上市公司所在地区的法治化水平越高,公司董事会独立性越高;上市公司所在地区的政府干预经济的程度对公司董事会的独立性无显著影响。

Based on the data about A-share listed companies in China in 2004, this article investigates the governance environment＇s influence upon ownership concentration and board independence. The authors find out that （i） the regional governance environment indexes and ownership concentration are negatively related, but this relationship is not significant in non state controlled companies and （ii） the regional legalization degree indexes and board independence are positively related in state controlled companies, and there is no evidence that regional government interference index has significant influence upon board independence.