股权结构、公司特征与上市公司董事会规模

作为公司的最高控制系统,董事会的研究成为国内外公司治理研究的核心内容,董事会规模作为董事会设计的重要内容而受到广泛的关注。利用2004年1176家中国上市公司样本的实证研究表明,控股程度与董事会规模负相关,外部大股东的监督行为与董事会规模正相关。随着独立董事比例的提升,董事会平均人数呈现下降趋势独立董事比例从22%上升到33%,可能会引起董事会平均减少1人。

Ownership Structure, Corporate Characteristics and Scale of Boards of Directors in Listed Companies

The boards of directors, as the highest control system in companies, have become the focus of research in the academic field throughout the world, and the scale of a board of directors has attracted a lot of attention. Using the data of 1176 listed corporations in China, our empirical study demonstrates that internal stock ownership is negatively correlated with the scales of boards of directors, and external shareholders' supervision positively correlated with the scales of boards of directors. With the increase of the proportion of independent directors, the scale tends to decrease: the independent director's proportion has risen from 22% to 33%, and this will probably result in the reduction of the number of directors by 1 person.