我国上市公司董事会特征与公司财务风险关系的实证研究

Empirical Research of the Relationship between Corporate Financial Risk and Board Characteristics in China′s Listed Companies

公司董事会特征对财务风险的形成有重要影响作用。文章选取沪、深两市1112家上市公司2007-2009年数据为样本,针对我国上市公司董事会特征对公司财务风险的影响进行实证研究,结果表明:董事会规模、董事长与总经理两职分离程度、董事长期薪酬与财务风险呈显著负相关关系;独立董事比例、董事短期薪酬与公司财务风险呈显著正相关关系;董事会会议频率与财务风险不相关。

The company board of directors characteristic has the important influence function on the formation of financial risk.The thesis selects data of 1112 listed companies of Shanghai and Shenzhen during 2007-2009 as the sample,and conducts empirical research of the influence of board characteristics of China＇s listed companies on corporate financial risk.The results show there is a significant negative correlation between financial risk and board of directors scale,separation degree of president and general manager as well as long-term salary of president;there is significant positive correlation between financial risk and proportion of independent directors,short-term remuneration of directors;there is not correlation between financial risk and frequency of board meetings.