基于治理成本与治理收益的董事会规模研究

国内外对董事会规模的实证研究大多集中在董事会规模与公司绩效间的关系方面,认为二者之间确有相关性,但关于相关性的方向结论不一。合理的董事会规模应在一定的范围之内,既不能太大,也不能太小,其决定除考虑公司规模、行业性质、兼并、CEO的偏好等一般因素外,要能以较低的治理成本获取较多的治理收益,从而使企业获得更大价值。

A Board Scale Study Based on Executive Cost and Management Effects

Most of recent empirical researches both domestic and abroad concentrate on the relationship between the board scale and the enterprise performance with the conclusion that there are parallels between them yet the direction of these parallels is rather unclear. A reasonable board scale should be a middle size one, neither too big nor too small, depending on how to achieve higher management profits at lower management coast therefore better returns for the enterprise, besides the consideration on the corporation scale, the professional character, the corporation mergence, the CEO's preference and so on.