董事会建设与企业效率

The construction of director board and firm's efficiency

本文运用随机前沿分析模型(SFA)分析了中国企业董事会建设对企业效率的影响。研究发现当前扩大董事会规模并不能导致企业效率的提高,而提高董事会成员的质量则较为有利;正因此,当前董事会建设的重点不是扩大董事会的规模,而是提高董事会成员的教育水平,吸引有丰富相关工作经验及国际视野的人士加入企业董事会。

By taking the samples of listed companies in IT industry and the industry of transportation & warehousing,the authors of this paper set up a stochastic frontier model to conduct an empirical study on how the construction of director board and supervisor board has affected the efficiency of these listed companies.The results indicate that the size expansion on the director & supervisor board in Chinese enterprises will not lead to the improved firm efficiency,while the improved quality of the board members may well bring about benefits to firms' efficiency.It is also indicated in our study that the construction of board at present stage should not focus on the size expansion but on the improvement of the educational level of these members,one important means of which is to absorb members who are well-experienced and who have a global perspective to join the director board.