中国电子信息行业上市公司董事结构与公司绩效的实证研究

An Empirical Analysis on the Structure of Board of Director and the Performance Evaluation of Listed Companies of Electronic Information Industry in China

从四个维度出发,在特定法律规范约束下,引入绝对合理独立董事人数概念,对2010年中国电子信息业171家上市公司董事会结构和企业绩效的关系进行了研究,结果显示:中国电子信息产业上市公司董事会规模大的企业绩效优于规模小的企业,规模较小时企业绩效不稳定;企业绩效并不直接取决于独立董事占董事会的比重,而与独立董事超过绝对合规独立董事人的比例有关;由于职业经理人市场不完善,董事长与总经理两职合一的企业绩效优于两职分离的企业;对董事会适当的股权激励将增加董事工作的积极性。

Under certain legal norm constraints, this paper, from four dimensions and with the introduction of the concept of absolute compliance independent directors number, analyzes the relationship between the structure of board of director and the performance evaluation based on data from 171 Chinese listed companies of electronic information industry in 2010. The results of statistics and regression reveal these： companies with big board of director always show better performance evaluation than companies with small board of director; small board companies always have unstable performance evaluation; the performance evaluation of a company is not directly decided by the proportion of independent directors in the board of directors, but is correlated with the proportion of independent directors that exceed the compliance independent directors; because of the imperfect market of professional managers, the performance evaluation of the enterprises with a combined position of CEO and the chairman of BOD is better than that with separated positions, and more companies would like to take the separated structure; equity incentive of board of directors shows proactive impact on the performance evaluation.