董事会特征与企业绩效实证研究——以民营上市公司为例

An Empirical Study on Board Characteristic and Corporate Performance of Private Listed Companies

董事会是公司治理结构的核心,董事会治理的效率将通过公司业绩反映出来。以2005年—2007年CCER民营上市公司为研究样本,对民营上市公司董事会特征与企业绩效之间关系进行实证研究。研究发现:第一,适当扩大董事会规模有助于提高企业绩效,即董事会规模与企业绩效正相关;第二,董事长持股比例、前三名董事薪酬之和与企业绩效之间呈显著性正相关,董事会激励机制一定程度上能提高企业绩效。

Board is the core of corporate governance structure,and the efficiency of board governance will be reflected through company performance.This paper takes the private listed companies from 2005 to 2007 as research samples to investigate the relationship between board characteristics and enterprise performance.The results from our study show that： First,as the size of board and enterprise performance is positive related,expanding the size of board appropriately will improve enterprise performance.Second,the shareholding of chairman of board and remuneration of directors of the top three are significantly positive correlated to enterprise performance.So the incentive system of the board can promote the enterprise performance.