石油企业董事会特征与财务绩效实证分析

Empirical Analysis of Characters of Board of Directors and Financial Performance of Oil Enterprises

由于石油企业担负重要的能源开发以及能源供给的任务,研究董事会特征对财务绩效影响具有重要意义。选取沪深两市2007—2014年"石油行业"主板公司年度报告的相关数据,对石油企业董事会、财务绩效的现状进行描述,根据理论分析提出了研究假设,实证分析了石油企业董事会特征与财务绩效之间的相关性和内在联系。结果表明:董事会的规模、成员持股比例与财务绩效呈正相关,相关性显著;独立董事比例与财务绩效呈负相关,但相关性较弱;两职合一状态与财务绩效呈显著负相关;董事会会议次数与财务绩效呈正相关,但相关性较弱。根据分析结果,提出完善董事会制度的相关建议,进而提高企业财务绩效。

Owing to the oil enterprises have the mission of important energy development and energy supply, researching the influence of the charac- teristics of the board of directors and financial performance has a great important significance. 2007 -2014 China＇ s oil enterprises the annual and relevant report data of listed companies for oil industry in Shanghai and Shenzhen A shares are selected as research samples, describing the current situation of the characteristics of the board of directors and financial performance of oil enterprises. According to the theoretical analysis, putting for- ward the research hypothesis and analysing empirically the correlation and internal relation between the characteristics of the hoard of directors and financial performance of the oil enterprises. The results show that ： the size of the board of directors and the directors shareholding ratio have a sig- nificant positive correlation with financial performance; the proportion of independent directors is negatively correlated with the financial perform- ance, but the correlation is weak ; the combination of general manager and chairman of the board was significant negatively correlated with financial performance; the frequency of the board of directors meetings is positively correlated with financial performance, but the correlation is weak. Ac- cording to the analysis results, some suggestions are proposed to perfect the system of board of directors and finally to improve corporate financial performance.