基于股权集中度下独立董事对企业绩效的影响

Effect of Independent Directors on Firm Performance Based on the Concentration of Stocks

独立董事背景特征对企业绩效的影响研究结果并不一致,从股权集中度视角提供了新的解释,认为独立董事对企业绩效的影响会由于股权集中度的不同而显著不同。选取了2012—2015年深市的中小板和二板市场即创业板的数据作为样本进行实证分析。研究发现,在不考虑股权集中度的情况下,具有金融背景的独立董事更有利于企业绩效的提高;若考虑股权集中度的情况,只有在股权适度集中的情况下,才更有利于独立董事职能的发挥。因此,在聘用独立董事时要更多地考虑其金融背景,同时还需要保持股权适度的集中,这样才能更有利于独立董事作用的发挥,从而提高企业绩效。

The research results of the independent directors,characteristics on the performance of the firms are not consistent. We provide a new explanation from the perspective of the ownership concentration. The authors think that the impact of the independent directors on the performance of the firms will be significantly different due to the different ownership concentration. This paper samples the data of the SME and the second board market of the Shenzhen Stock Market in 2012 - 2015. The study finds that the independent directors with more favor-able financial background regardless of the ownership concentration can improve the performance of the firm. While the concentration of ownership being taken into account, only moderate concentration of equity is more conducive to the function of independent directors. Therefore, in order for independent directors to play constructive role in improving business performance, more importance should be at-tached to their financial background, but a moderate concentration of equity should be maintained when they are employed.