董事会特征与公司绩效的相关性研究

公司治理越来越成为世界范围金融市场中政策制定者、投资人、债权人和其它利益相关者关注的焦点。董事会能有效监管管理层的机会主义行为,降低因控制权与所有权两权分离所产生的代理问题,有效地维护投资人利益。该文通过实证研究发现董事会规模对改善公司的业绩有重大影响,有好声誉资本的独立董事将会是更好的监督者,从而对公司业绩有良好的影响。董事会中独立董事比例与公司绩效呈负相关,两职分离的领导结构对我国上市公司的经营业绩在短期内造成负影响。

Correlative Study on the Characteristics of Board of Directors and Corporate performance

Corporate governance has become a prominent focus among the world-known figures in the financial markets as policy makers, inventors, creditors and other benefit makers concerned. Board of directors can effectively monitor the managerial opportunism, r~tuce the agent problem because of the separation of control right and ownership right, and effectively protect the benefit of inventors. The present paper, through empirical study, finds that the scale of board of directors greaily affects improving Corporate performance. Those independent directors who have good reputation will be the better supervisors and directly affect the corporation benefit. The proportion of independent directors among the board has minus correlation to corporate performance, leader structure with two separate posts forms minus effect on the managing achievements of the listed companies in the short periods.