我国董事会跨期内生性的双向传导机制研究

董事会与公司绩效的系统关联一直是公司治理研究中的重点与难点课题。基于董事会跨期内生性假设，对中国市场2300多家上市公司2003至2012年的面板数据进行固定效应和随机效应的交叉滞后分析，发现董事会特征与公司绩效之间存在双向因果关系：（1）从董事会特征到公司绩效的跨期传导机制明显存在，并且当公司绩效采用市场价值指标（托宾Q）度量时更加显著；（2）从公司绩效到董事会特征的跨期传导机制并不完全，结果仅支持公司绩效对于董事会规模的跨期影响，却并不支持公司绩效对于董事会独立性的跨期影响。

Research on Bidirectional Transmission Mechanism Based on Board Intertemporal Endogeneity in China

For long, the relationship between board and corporate performance is key to the research on cororate governance. Based on board intertemporal endogeneity hypotheses, this paper empirically used penal data of more than 2300 Chinese listed companies during 2003-2012 to make a cross-lag regression with both fixed effects models and random effects models. From the result, we found that there is a bidirectional causality between board and corporate performance. Firstly, intertemporal transmission mechanism from board characteristics to performance can be more significant with market value index （Tobin＇ s Q） measuring corporate performance. Secondly, intertemporal transmission mechanism from performance to board characteristics is not complete, the result showed that perfomance only has an intertemporal effect on board size but not on board independence.