董事会能降低上市公司被ST的可能性吗

Can Board Reduce the ST Possibility of a Listed Company?

本文研究了董事会结构对上市公司被特别处理(ST)的影响。通过运用logit回归模型,对上市公司在1998年到2010年之间所有被ST的上市公司和其他与这些公司行业相同、规模相近的未ST上市公司进行计量回归后,可以发现在控制了上市公司的财务数据变量(盈利性、流动性、杠杆性)后,越大的董事会组织结构会减少大型复杂的公司被ST的风险,但是这一点对小型公司不适用。同时我们发现,独立董事所占比例越大,越能减少公司的破产风险,即使在那些更加需要专业知识的公司中。计量结果还显示出,与政府之间的相关联程度越高,公司被ST的可能性越低。并且,提高CEO权利的集中度也可以达到这样的效果,但这一点存在质疑,没有得到理论的支持。

This paper researched on the effects of board structure on the ST possibility of a listed company.The analysis of listed companies which have been special treated and which are normal during 1998 and 2010 with logit regression model shows that larger board structure can reduce the ST possibility for large corporations after controlling the financial variant data of companies,but not for small firms.And greater proportion of independent board can reduce more bankruptcy risk of firms,even those which requiring more specialized knowledge.The results indicate that the more associated with government,the less ST possibility.And raising the concentration of CEO rights can achieve the same effects,but there is few theories supporting it.