股权特征与董事会领导结构关系的实证研究

An Empirical Study on the Relationship between the Ownership Characteristics and the Board Leadership

本文选用 1998 年以前上市的所有 A 股公司作为样本,对样本公司的股权特征与董事会领导结构之间的关系进行了研究。研究结果表明:(1)董事长和总经理两职合一模式的公司比例在逐年下降;(2)含有国家股和国家股比例越高的公司越倾向于总经理和董事长两个职位由同一个人担任;(3)由母公司控股以及中央和部委所属的公司更倾向于由大股东董事长同时担任上市公司董事长;(4)控股股东持股比例越高,控股股东董事长担任上市公司董事长的可能性就越大。

This study examines the relationship between the ownership characteristics and the board leadership for the ?rms who went IPO before the end of 1998. The major ?ndings include: (1) the portion of the ?rms that the board chairman also serves as the CEO is decreasing year by year, (2) the existence of state shareholdings will increase the likelihood that the board chairman and CEO are the same person, (3) firms controlled by a parent company or by the central government more likely appoint its parent’s chairman as the chairman of the listed ?rm, (4) the higher percentage of the controlling shareholders’ownership, the more likely the parent’s chairman will serve as the listed ?rm’s chairman.