我国上市公司董事会效率与公司绩效的实证研究

董事会效率是指董事会各项职能发挥的效果,包括董事会的制度建设、董事会的结构设置、董事会战略决策能力以及对管理层经营行为的监控效率。本文从影响董事会效率的因素出发,以我国上市公司2000-2003年样本公司为统计数据,对董事会效率进行了实证研究。首先,通过董事会效率的各因素与公司绩效之间的多元回归分析,建立了董事会效率的测评模型,借助该模型可对我国上市公司的董事会效率实施测评。利用董事会效率测评结果,对我国上市公司的董事会效率与公司绩效的关联关系进行实证研究。研究结果显示,董事会效率与公司绩效之间存在正相关关系,公司绩效会随着董事会效率的增强而提高。同时结果表明,目前我国上市公司董事会效率普遍偏低。因而,提高我国上市公司董事会效率需要设置合理的董事会规模、保持适当的独立董事比例、提高董事会决策效率、增大董事持股比例以及提升董事会对管理层的监控效率。

An Empirical Research on Corporate Performance and Directorate Efficiency for Chinese Public Company

Directorate efficiency is very important for improving the corporate performance. Based on the four key indicators influencing on the directorate efficiency, an empirical research on the relationship between corporate performance and directorate efficiency for Chinese Public Company is conducted by the data from 2000 to 2003 in this paper. A measurement model for directorate efficiency is employ- ing by means of the multivariable linear regression analysis, and the measurement results of directorate efficiency for the Chinese Public Company are obtained. By using the measurement results, a regres- sion analysis for the relationship between the corporate performance and directorate efficiency is generated, which indiates that they are in positive correlation. Therefore, this is one way to improve the cor- porate performance with great the directorate efficiency for Chinese Public Company.