董事会的治理绩效研究——基于民营上市公司面板数据的实证分析

本文回避了国有股定价问题、董事激励中的政治因素、行政部门的经营干预、国有股股权变动的审批问题等一系列非市场因素,以2002~2005年的民营上市公司的面板数据为样本,运用面板数据分析方法,消除了非观测效应的影响,寻求中国证券市场的董事会治理机制运行规律和效果。通过研究发现,董事会独立性程度对企业绩效没有显著影响;报酬最高的三名董事的报酬增加与较高的每股收益、每股净资产和资产收益率之间均存在着显著的正相关关系,体现了董事激励的重要治理效应;年度内董事会会议次数与每股收益和资产收益率之间存在着显著的倒U型关系;年度内董事会会议次数与每股净资产之间存在着负相关关系。

Research on the Governance Performance of Board Directors An Empirical Analysis of Panel Data from Chinese Listed Companies

In order to avoid the price problem of state-owned stock,the political problem of director incentive,the government intervention and the audit of state-owned stock,the authors select the panel data of the private listed companies to explore the mechanisms and effect of director governance.The authors find that the independence of director has no impact on firm performance;the whole remuneration of the highest three directors is significantly positive related to EPS,NAPS and ROA,which shows the importance of the remuneration incentive;the times of director meeting held in one year is negative connected with EPS and ROA.But there is an inversed-U shape relationship between the times of director meeting held in one year and NAPS.