董事会治理与公司业绩的跨期关系研究

以往研究董事会治理与公司业绩关系的文献中,大都认为二者之间是一种静态关系,重在考察两者在当期的相互影响,结果得到了不尽一致的研究结论。本文以我国沪、深两市2001～2010年间653家上市公司为研究对象,构建了动态面板数据模型,运用GMM估计方法,考察了董事会治理与公司业绩之间的跨期影响,研究发现:(1)不论在当期还是跨期,董事会规模与公司业绩之间的关系都非常弱;(2)在当期,董事会独立性对公司业绩没有显著的促进效应,而公司业绩对董事会独立性却存在明显的反馈效应;(3)从跨期来看,董事会独立性对公司业绩具有正面影响。这些来自中国资本市场经验数据的研究结论对于我国上市公司治理路径的选择具有重要的借鉴意义。

The Study of Intertemporal Relationship between Board Governance and Corporate Performance

Since the former study of between the board governance and the corporate performance in the current period,the previous literatures believed that there existed a static relationship between them.In this paper,we establish a dynamic panel data model with the analysis of 653 listed companies in Shanghai and Shenzhen,China,from 2001 to 2010,and assess the intertemporal interaction between their board governance and corporate performance by using GMM estimation.It is found:(1) whether currently or intertemporally,the size of board and the performance of corporation are not significantly correlated;(2) in the current period,the board independence lacks obvious interacting effect on corporate performance,but conversely the corporate performance has a significant feedback effect on board independence;(3) intertemporally,the board independence has a positive effect on corporate performance.The result found from those experiential data of Chinese capital market is of significance,from which China’s listed companies could learn to make their governance options.