| 董事会制度安排、多元化经营与公司绩效 |
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| 引用本文： | 魏锋,薛飞.董事会制度安排、多元化经营与公司绩效[J].管理学报,2008,5(6):862-870. |
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| 作者姓名： | 魏锋 薛飞 |
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| 作者单位： | 重庆大学贸易与行政学院 |
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| 基金项目： | 国家自然科学基金资助项目，中国博士后基金资助项目 |
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| 摘 要： | 在考察多元化经营与公司绩效关系的基础上,通过构建"制度-行为-绩效"分析框架,以寻求董事会制度安排对这种关系的解释。结果发现:多元化经营导致公司价值折价,但这种价值折价在各年的表现形式不一样;董事会会议频率、独立董事比例以及二职合一与多元化经营决策呈显著正相关关系;董事持股比例与公司进行多元化经营的概率呈负相关关系。进一步的解释是,董事会会议频率和独立董事比例是通过影响多元化经营决策,从而影响多元化经营公司绩效的主要因素。
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| 关 键 词： | 董事会 制度安排 多元化经营 公司绩效 |
Board of Directors'Institutional Arrangement and Corporation's Diversification and Performance:An Empirical Research of Chinese Listed Companies |
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| WEI Feng,XUE Fei.Board of Directors'Institutional Arrangement and Corporation's Diversification and Performance:An Empirical Research of Chinese Listed Companies[J].Chinese JOurnal of Management,2008,5(6):862-870. |
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| Authors: | WEI Feng XUE Fei |
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| Abstract: | Relationship between corporation's diversification and performance was studied. An analysis frame,"institution-conduct-performance" is proposed,by which the effect of board of director's institution arrangement on corporation's diversification and performance was interpreted.The results indicate that the relationship between corporate diversification and performance could be explained by board of director's institutional arrangement and its changes,and the annual number of board meeting and the percentage of independent directors are the major factor. |
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| Keywords: | director's broad institutional arrangement corporation diversification performance |
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