企业生命周期视角下董事会治理结构演变——来自中国A股上市公司的经验研究

The Evolvement of Board Structure with Firm Lifecycle:An Empirical Research of Chinese A Share Listed Firms

以A股上市公司为研究对象,采用产业经济学方法划分企业生命周期,研究了我国董事会治理结构随企业生命周期的演变规律.结果表明,我国A股上市公司董事会规模随企业生命周期发展逐渐变小,董事会领导结构随企业生命周期发展呈现出董事长与总经理两职分离的趋势,而外部董事比例则几乎不发生变化.该结论支持了我国上市公司董事会结构随企业发展将不断地调整,这种调整更多地是考虑董事会成员能够为公司发展所带来的资源假设,而董事会的监督假设则没有得到有力支持.

This paper explored the evolution principle and impact factors of A share firms＇ board structure with firm＇s life cycle by constructing the firm＇s life cycle index according to industry method.The results show that the board size of Chinese A share listed firms is decreasing with firm＇s life cycle,and the board leadership is separating with firm＇s life cycle,but the board independence is almost static.The advising hypothesis of board structure that the adjustment of board structure of Chinese A share listed firms is most based on resources afforded by the new added board members is evidenced by the findings,while the monitor hypothesis is not well validated.