上市公司董事会特征与公司绩效实证研究

Empirical Analysis of Listed Company′s Board Character and Performance

基于2011年2月末深沪A股上市公司数据,本文采用SPSS软件提取总资产收益率、净资产收益率、每股收益的绩效因子,对上市公司董事会特征与公司绩效的关系进行了实证研究。结果表明董事会两职合一有利于提高公司绩效,董事会的独立性与公司绩效呈显著正相关,内部董事比率与公司绩效呈倒U型关系,具有博士学位的董事与公司绩效呈显著正相关,女性董事对公司绩效的影响不显著,最优董事会规模未得到验证。

Based on the data of Shanghai and Shenzhen A-share listed company in February,2011,the paper uses SPSS software to extract the performance factor of total return on assets,return on net assets,earnings of per share,and gives an empirical study to find the relationship between listed company′s board characters and performance.The results show that duality leadership structure positively and significantly affected corporate performance;board independence was positively and significantly associated with performance;the relationship between ratio of inside directors and performance was inverted U-shaped;directors with PHD was positively and significantly associated with performance;female directors on firm performance was not significant;the optimal size of board has not been verified.