董事会行为与企业经营绩效关系研究——以电力行业上市公司为例

The Research on the Relationship between Directorate Behaviors and Business Performance of Enterprises——A Case of Listed Companies of Electric Power Industry

本文以2008至2010年电力行业上市公司为研究样本,用董事会规模、董事会会议频率表示董事会行为,用企业净资产收益率表示经营绩效,实证分析了董事会行为的决定因素以及董事会行为与前期、当期公司绩效之间的关系。研究表明,董事会行为与企业经营绩效呈现显著相关性。对于电力行业上市公司而言,企业资产、法人持股比例与董事会持股比例与企业经营绩效的相关性不大,同时,本文提出相应的对策建议。

The paper uses the listed companies of electric power industry from 2008 to 2010 as the research samples, with the size of the directorate and the frequency of the directorate meetings as the directorate behaviors, with the enterprise net assets yield as the business performance, empirically analyzes the relationship between the determinant factors of the directorate behaviors, the direc- torate behaviors and previous and current corporate performance. The research shows that there exists a significant correlation between the directorate behaviors and business performance. For the listed companies of electric power industry, the correlation between enter- prise assets, legal entity share ratio, directorate share ratio and performance is not relevant. And the paper puts forward relevant coun- termeasure suggestions.