摘要
本文以深沪两市883家上市公司为样本，采用股权分置改革前的2003～2005年公开数据，对股权结构与董事会特征进行了分析。结果显示：股权集中度与董事会规模呈U型二次非线性关系；国有股比例-9董事会规模正相关，法人股比例和高管持股比例与董事会规模负相关；股权集中度、国有股比例对董事会中独立董事比例有负面影响，法入股比例则-9其正相关。股权集中度与董事会会议次数负相关；国有股比例与两职合一性正相关，而法人股比例与其负相关。这些研究结果表明，股权分置改革之前．我国上市公司的股权结构并不利于公司的健康发展，进行股权分置改革、调整股权结构对于完善公司治理、提高公司治理效率具有现实必要性。
The article analyzes the relationship between shareholder structure and board characteristics based on the 883public listed corporations in China from 2003 to 2005.It finds a U-shaped relationship between shareholder concentration and board size.The proportion of state-owned shares and that of Legal Person Shares have opposite relationship with board size,proportion of independent directors,frequency of board meetings,and the possibility of CEO/Chair duality.The article relates the above facts to the necessity of the Reform of Non-tradable Shares in 2005.
出处
《金融评论》
2013年第6期95-110,124,共16页
Chinese Review of Financial Studies
基金
科技部国家软科学研究项目(2009GXS5D124)
辽宁省科技厅软科学研究项目(2009401011)资助
关键词
股权结构
董事会特征
董事会行为
Shareholder Structure
Board Characteristics
Board Conduct
