| 上市公司董事会治理与绩效倒U形曲线关系研究 |
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| 引用本文： | 李维安,张耀伟.上市公司董事会治理与绩效倒U形曲线关系研究[J].经济理论与经济管理,2004,0(8):36-42. |
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| 作者姓名： | 李维安 张耀伟 |
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| 作者单位： | 南开大学公司治理研究中心,天津,300071;南开大学公司治理研究中心,天津,300071 |
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| 基金项目： | 国家自然科学基金项目(70272026)，国家社科基金项目(02BJY127)，天津社科规划项目(TJ03-GL015) |
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| 摘 要： | 董事会治理是公司治理的核心,董事会治理状况的改善对公司绩效的提高至关重要。从不同的角度对我国上市公司董事会治理状况与公司绩效之间的关系进行的实证分析表明,公司治理绩效与董事会治理水平之间呈现一种倒U形曲线关系。该结论的政策含义是,在当前董事会治理缺乏外部治理机制、大股东治理弱化、内部董事间的相互监督和经理人持股的激励效应都不强的情况下,董事会治理改革的关键是引入战略投资者,完善董事会专业委员会的制度建设,强化内部治理机制。
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| 关 键 词： | 董事会 董事会治理 公司治理 |
| 文章编号： | 1000-596X(2004)08-0036-07 |
| 收稿时间： | 2004-06-05 |
| 修稿时间： | 2004年6月5日 |
INVERSE U-SHAPE RELATIONSHIP BETWEEN BOARD GOVERNING OF LISTED COMPANIES AND THEIR PERFORMANCES |
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| LI Wei-an,ZHANG Yao-wei.INVERSE U-SHAPE RELATIONSHIP BETWEEN BOARD GOVERNING OF LISTED COMPANIES AND THEIR PERFORMANCES[J].Economic Theory and Business Management,2004,0(8):36-42. |
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| Authors: | LI Wei-an ZHANG Yao-wei |
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| Institution: | Research Center of Corporate Governing, Nankai University, Tianjin 300071, China |
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| Abstract: | Board governing is the core of corporate governing and is very important for improving corporate performances. Positive analysis of the relationship between board governing and their performances of our listed companies show the inverse U-shape curve. Its policy implications are: introducing strategic investors, improving the institutional development of board professional committee and strengthen the internal governing mechanisms, while lack of external governing mechanisms, weakening of big holders governing, weak inter-supervising inside the board and weak incentive effect of managers holding. |
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| Keywords: | board board governing corporate governing |
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