董事会特征与公司绩效相关性实证研究

Empirical Study on Characteristics of Board of Directors and Company's Performance

董事会是上市公司重要的决策和监督机构,是公司治理的核心。董事会治理的有效性对公司价值的影响尤为关键。文章采用沪深A股上市公司2012-2015年的面板数据,实证研究董事会特征与公司绩效的关系。研究表明,公司绩效与董事会规模、董事会会议次数、董事会持股比例、两职兼任显著负相关,与女性董事比例显著正相关,与独立董事比例不相关。针对实证结果,提出合理控制董事会规模,保持适度比例的女性董事,一定程度的两权分离,提升董事会会议质量,完善独立董事制度及均衡董事会持股比例的建议。研究有助于分析在不同行业、不同经济环境背景下董事会特征与董事会治理效率的相互关系,进而探讨对公司绩效的影响机理。

The board is the important decision-making and supervisory organization of the listed company, which is the core of corporate governance.The effectiveness of board governance is particularly critical to the value of the company. This paper adopts the panel data of the 2012-2015, and empirically studies the relationship Shanghai and Shenzhen A share listed companies in between the characteristics of the board and the performance of the company. Study shows that the number of company performance has the significant negative correlation with the scale of the board of directors, the board of directors meeting, the board ownership, and the proportion of women directors is significantly positively related to it, while the proportion of independent directors is not related to it. According to the empirical results, the paper puts forward reasonably control the scale of the board of directors and maintain moderate proportion of women directors, a certain degree of two rights separation, improving the quality of the board of directors meeting, improve the system of independent directors and the board of directors of the balanced shareholding related Suggestions. Research helps analysis system in different industry, different economic environment under the background of the board of directors characteristics and the relationship of the board of directors governance effectiveness, and then discusses the influence mechanism of corporate performance.