董事会特征、高管激励方式与中小企业成长——基于国有样本与民营样本数据的对比研究

Characteristics of Board,Executive Incentives Mode and the Growth of SMEs——Contrastive Empirical Study Based on Private SMEs and State-owned Ones

以2005—2008年间中国中小板上市公司为样本,实证研究了董事会特征、高管激励方式与中小企业成长性的关系,并基于民营与国有样本的数据进行了对比分析。研究结果显示:(1)董事会特征方面,高管变更对全部中小企业成长具有显著的负影响,董事会规模与国有中小企业成长性显著正相关,独立董事比例与国有中小企业成长性显著负相关,其他变量对中小企业成长无显著影响;(2)高管激励方面,管理层持股对全部中小企业成长没有显著影响,高管平均薪酬对民营中小企业成长具有显著正影响,但是对国有中小企业成长性没有显著影响。

All SMEs between 2005 and 2008 in China were taken for the sample to empirically analyze the relationship of the characteristics of the board,the executives＇ incentives mode and the growth of SMEs.Moreover,contrastive empirical study was made based on the private SMEs and state-owned ones.The results show that：（1） In the aspect of the characteristics of board,the executive change has significant negative impact on the growth of all SMEs.Moreover,there is a significant positive correlation between board size and the growth of state-owned SMEs,and a significant negative correlation between the proportion of independent directors and the growth of state-owned SMEs.While the other variables have no significant effects on the growth of SMEs.（2） In the aspect of the executive incentive mode,the management shareholders have no significant effects on the growth of all SMEs.While average pay for executives has significantly positive effects on the growth of private SMEs,but have no significant effects on the growth of the state-owned SMEs.