公司规模门槛效应下的董事会独立性与公司价值的关系

The Relation between Board Independence and Corporate Value:Empirical Analysis Based on Corporate Size Threshold Effect

对于独立董事比例与公司价值之间的关系,以往的研究得出了完全不同的两种结论,原因是因为公司在确定独立董事比例可能与公司规模等公司的自身因素大小。本研究通过检验发现,公司规模对独立董事比例具有门槛效果,使用门槛回归模型可以更好的解释独立董事比例和公司价值之间的关系,实证研究的结果表明,在不同公司规模门槛区间,独立董事比例和公司价值之间的相关性有所差异.

Researchers got different result about the relation between board independence and corporate value,because of the number of independent directors decided by corporate size in some extent.In this paper,the authors find that there exists threshold effect in corporate size.The panel threshold regressive model（PTRM） can interpret the relation between board independence and corporate value better than OLS model and conic model.Empirical analysis indicates the relation between board independence and corporate value is different in different corporate size region.