股权结构、境外背景独立董事与公司绩效——来自沪市上市公司的证据

Ownership Structure,Independent Directors with Overseas Background and Corporate Performance——-Evidence from Listed Companies in Shanghai Stock Exchange

本文以2006～2008年沪市上市公司为研究样本,以聘请具有境外背景独立董事为切入点和中介变量,用独立董事所具备的境外背景来代表其实质上的决策制定和监督能力,在上市公司现有的股权结构框架下,对"股权结构-董事会结构-公司绩效"这一关系进行了深入的探索。研究结果显示,聘请具有境外背景独立董事虽然有利于公司绩效的提升,而且也在一定程度上抵消了一部分股权结构的影响,但却是不显著的。可见,即使目前上市公司的治理结构在不断完善,但大股东侵占上市公司利益的行为也表现得更具多样性和隐蔽性,董事会在优化公司治理活动中的作用还有待加强。

This paper chooses the companies listed in Shanghai Stock Exchang from 2006-2008 as the research object, and takes the independent directors with overseas background in stead of their actual ability of decision-making and supervision. By using it as the starting point and mediator variable, the authors try to explore the relationship of ＂ownership structure-board structure-corporate performance＂. Based on the empirical research,this paper finds that although the independent directors with overseas background are beneficial to the corporate performance and offset some effects of ownership, the result is insignificantly. So, even if the governance structure in Chinese listed companies are increasingly improve, the actions of big shareholder to steal the benefit are more diversified and covert, and the effect of the board of optimizing governance should enhance in the future.