董事会结构、CEO权力对企业绩效的影响研究

Research on the Influence of Board Structure and CEO Power on Enterprise Performance

以2013—2017年沪深A股上市公司的面板数据为研究对象,实证检验了上市公司CEO权力对公司绩效、董事会结构和公司绩效之间的关系。结果表明上市公司CEO权利强度、董事会持股比例与企业绩效正相关,董事会独立性与企业绩效负相关,董事会持股比例并不会极大地影响企业绩效,董事会规模、独立董事比例对于CEO权力与公司绩效之间的关系不能起到明显的调节作用。最后提出我国上市公司在改善CEO权力配置、董事会治理结构、企业绩效方面的相关建议。

Taking the panel data from 2015 to 2017 of Shanghai and Shenzhen A-Share listed companies as the research object,this paper empirically examines the relationship among the CEO power of listed companies,board structure and company performance.The results show that the intensity of CEO’s rights and the proportion of the board’s shareholding are positively correlated with the performance of enterprises and the independence of the board is negatively correlated with the performance of enterprises.Furthermore,the proportion of the board’s shareholding does not greatly affect the performance of enterprises,and the size of the board and ratio of independent directors can’t play a significant role in regulating the relationship between CEO power and the company’s performance.Finally,the paper puts forward some suggestions on improving CEO power allocation,board governance structure and the enterprise’s performance of listed companies in China.