中国上市公司董事会规模决定要素的实证研究

合理的董事会规模应以较低的成本获取较高的决策监督效率。国外有学者对影响董事会规模的因素进行了研究,目前我国学术界尚没有对这一问题进行系统的探讨。从公司规模、环境因素、行业性质、大股东性质、领导权结构、CEO偏好、外部压力、前期财务业绩以及董事会结构等方面对影响我国上市公司董事会规模因素实证的分析显示:我国上市公司董事会规模与公司规模、领导权结构以及独立董事比例直接有关;行业以及大股东性质不同的上市公司董事会规模有一定差异。研究还发现目前上市公司没有充分重视董事的社会资本及董事会的决策作用,尤其是独立董事的作用没有受到重视,董事会次级委员会的独立性较差,中小股东权益保护先天性不足。

An Empirical Study of Board Size Governing Factors of Chinese Listed Companies

Reasonable board size may improve board supervising and decision making efficiency at a lower cost.Some researchers abroad have studied the size factor,but no systemic research has been performed on that issue at home.This is an empirical study of the relationship between board size and systemic aspects such as corporate scale,environment,characteristics of industry and the first big shareholders,leadership structure,partiality of CEO,external pressures,prior financial performance and board structure.Results indicate that board size is correlated with corporate scale,leadership structure,ratio of independent directors and characteristics of industry and the first big shareholders in Chinese listed companies,and that Chinese listed companies pay little attention to social capital of directors and the function of boards especially for independent directors. Subcommittees are not independent,and the protection of medium and small shareholders' rights is an inborn weakness.