忙碌的董事会：敬业还是低效？

Busy Board:Delication or Poor Efficiency?

本文基于我国上市公司董事会会议频率存在极大差异这一现象,检验了董事会会议对公司未来经营业绩的影响及这种影响产生的机制。实证结果表明,增加董事会会议次数能够显著提高公司未来的经营业绩;进一步地,尽管董事会会议次数的增加并没有显著提高CEO薪酬与公司业绩的敏感性,但可以提高CEO被迫离职与公司业绩的敏感性,证明董事会会议通过撤换不称职的CEO,向管理层施加替代的压力,使管理层的努力与所有者的利益一致。本文的研究结论在一定程度上支持忙碌的董事会是董事会成员敬业的表现这一假说。

This paper examines the influence of board meeting on the future performance companies as well as the mechanism of this influence,based on different frequency of board meetings of Chinese listed companies.Empirical results show that increased board meeting frequency can improve the future performance of the company.Furthermore,more board meetings can boost the sensitivity of forced demission of the CEO and firm performance,rather than the sensitivity of the income of the CEO and corporate performance.This means that more board meetings can exert replace pressure on the management by firing incompetent CEO and encourage the management to work for the interest of the owners.The conclusions support the hypothesis that a busy board is a reflection of dedicated board members.