摘要
本文以2006—2008年的中国A股上市公司为研究样本,运用跨年度混合横截面的计量方法,考察了董事会的两个职能——监督与决策职能对董事会规模的影响。实证结果表明:在监督强度因素方面,股权集中度与董事会规模负相关,自由现金流量与董事会规模正相关,经理持股比例与董事会规模负相关。其次,实证研究并没有发现决策效率因素与董事会规模存在显著的相关性。此外,公司规模、行业特征等因素也会影响公司董事会规模。据此,本文认为董事会规模是一个受诸多因素影响的内生变量。
This paper use China's A-share listed companies 2006-2008data as study samples, and inspected the board's two functions: Monitoring and decision-making whether have impact on board size. The empirical results show that: first, the supervisory power demand and the board size are positive related. Specific relations: share Concentration is negative associated with board size, and the free cash flow is positive associatedwith board size, shares holding by managers are negative associated with board size. Second, there is no remarkable relationship between decision-making efficiency and the board size. In addition, size of companies and industries will affect the board size. Therefore, board size can be seen as a equilibrium among of industries, companies' size and governance structure.
出处
《上海经济研究》
CSSCI
北大核心
2012年第11期34-44,共11页
Shanghai Journal of Economics
基金
国家社科基金(编号:12CJY061)
浙江省自然科学基金(编号:LQ12G03005)
浙江省教育厅高校科研计划项目(编号:Y201119883)的阶段性研究成果
关键词
董事会规模
监督强度
决策效率
Board size
Monitoring power
Decision-making efficiency