产权差异、董事会特征与公司绩效

Property differences,Board Characteristics and Corporate Performance

以我国上市公司为研究样本,区分企业性质,实证检验了不同董事会特征对企业绩效的影响。本文研究发现,董事长没有兼任总经理,董事会规模越大,薪酬越高,开会次数较多和独立董事越多,公司的绩效也越好;可是董事会持股比例却没有显著影响公司绩效。在国有企业中,董事会规模与公司绩效之间呈显著负相关关系,说明董事会规模太大对企业的绩效有显著的负面影响。在非国有企业中,董事会规模较小,开会次数较多,独立董事比例和董事成员薪酬较高,能够对公司的绩效产生显著的影响;但是二职合一却降低了公司绩效。研究结论表明,不同的企业产权制度下董事会特征对公司绩效的影响存在较大差异。本研究不仅丰富了公司绩效领域的文献,而且对董事会的构成特征也有一定借鉴意义。

In this paper, China's listed companies as samples, distinguishing corporate nature, empirical tests of different board characteristics impact on firm performance. This study found no concurrently general manager, chairman of the board larger, higher salaries, meetings more frequently and more independent directors, the company ' s performance is also better; stake, but the Board did not significantly affect the company ' s performance. State-owned enterprises, between board size and firm performance was a significant negative correlation, indicating that the board size is too large for the company ' s performance has a significant negative impact. In the non-state-owned enterprises, smaller board, meeting more frequently, the proportion of independent directors and board members of the higher remuneration to the company's performance have a significant impact; But two rank-one has reduced the corporate performance. Conclusion of the study show that different characteristics of enterprise property right system board impact on corporate performance are quite different. This study not only enrich the corporate performance literature in the field, but also on the composition of the Board of Directors also has some characteristics of reference.