中国上市公司董事会结构研究——基于适者生存的视角

The Study of Board Composition of Chinese Stock Market——In the View of Survival of the Fittest

董事会治理是企业经营过程中运用最多的治理机制之一,与对其他治理机制的研究一样,对董事会治理和企业绩效之间关系的研究结论众说分谈,相互矛盾。文章避开以往的研究思路,从适者生存角度来研究我国董事会结构的演进过程,发现二元式领导权结构和高独立性的董事会结构有更强的适应性,并且发现董事会的独立性比领导权结构对治理绩效的影响更大。

Board is one of the most important corporate governance mechanisms, like studies of other corporate governance mechanisms, many scholars have studied the relationship between the board and corporate performance, but the conclusions are not the same, even some of the conclusions are contradictories. In this paper, the study methods are not the same as other studies. Rule of survival of the fittest is used to study the changing process of the structure of the Boards in China. We found that the structures of unitary leadership and high proportion of independent directors are more adaptable, and also found that the proportion of independent directors in the board has a greater impact on corporate performance than the leadership structure of the board.