独立董事特征与公司业绩相关性研究——基于湖南与湖北两省的数据

The Research of Correlation between Characteristics of Independent Directors and Corporate Performance——Data from Hunan and Hubei Provinces

本文以2012—2014年湖南与湖北两省上市公司为样本,运用多元线性回归模型对独立董事特征与公司业绩之间的相关性进行研究。结果发现:两省上市公司女性独立董事比例与公司业绩存在显著正相关关系,独立董事薪酬、受教育程度以及会计专业背景独立董事比例上两省存在一定的差异。湖南省上市公司独立董事受教育程度以及会计专业背景对公司业绩影响显著,而湖北省上市公司独立董事薪酬与公司业绩呈负相关,受教育程度以及会计专业背景与公司业绩正相关但不显著。因此,必须在拥有女性独立董事的前提下,确保独立董事规模,优先聘任具有丰富专业知识和职业背景的复合型独立董事。

This paper selected listed companies in Hunan and Hubei province from 2012 to 2014 as the research sample;by using the multivariate linear regression model to study the relationship between the characteristics of the independent director and company performance. The results prove that the proportion of independent directors and the female independent directors have a positive correlation with the company performance. Education degree and the proportion of the independent directors with professional background of accounting have some differences between two provinces. In Hunan province, education degree of independent directors and the proportion of the independent directors with professional background of accounting have remarkable effects on the company performance. But in Hubei, there is a positive but non-significant correlation between them, and the salary of independent directors has a negative correlation with the company performance. So the company must be under the premise of having female independent directors, ensuring the scale of independent director to prior appoint the complex independent directors who have rich professional knowledge and professional background.