股权结构、董事会治理与公司成长性——来自中小企业板的实证研究

以中国2004—2008年中小企业板上市公司为样本，按第一大股东所持股比例分为绝对控股型、相对控股型和分散持股型三类，构建公司成长性综合评价指标，检验三类公司董事会治理结构与成长性之间的关系。独立董事比例、股权集中度、流通股比例三个治理结构指标对三类公司的成长性具有显著负向影响，其他治理结构指标对三类公司成长性的影响各异。董事会治理并不是促进中小企业成长性的决定性因素，董事会治理的效用不显著。

Ownership Structure,Board Governance and Corporate Growth

The author builds a comprehensive growth evaluation index and examines the relationship between beard governance and company＇s growth,by dividing small and medium-sized listed lompany from 2004 to 2008 in China into absolute controltype, relative control-type and dispersed holding-type according to the stake of the largest shareholder. The stake of independent directors, equity concentration and the stake of the outstanding shares are significant negative to eompany＇s growth,other governance indicators have different effects to company＇s growth. The board governance is not absolutely effective factor to promote the growth of the small and medium-sized listed company and the effect of the board governance is unremarkable.