我国上市公司董事会特征与公司财务风险关系的实证研究

公司董事会特征对财务风险的形成有重要影响作用。文章选取沪、深两市1112家上市公司2007-2009年数据为样本,针对我国上市公司董事会特征对公司财务风险的影响进行实证研究,结果表明:董事会规模、董事长与总经理两职分离程度、董事长期薪酬与财务风险呈显著负相关关系;独立董事比例、董事短期薪酬与公司财务风险呈显著正相关关系;董事会会议频率与财务风险不相关。

Empirical Research of the Relationship between Corporate Financial Risk and Board Characteristics in China′s Listed Companies

The company board of directors characteristic has the important influence function on the formation of financial risk.The thesis selects data of 1112 listed companies of Shanghai and Shenzhen during 2007-2009 as the sample,and conducts empirical research of the influence of board characteristics of China＇s listed companies on corporate financial risk.The results show there is a significant negative correlation between financial risk and board of directors scale,separation degree of president and general manager as well as long-term salary of president;there is significant positive correlation between financial risk and proportion of independent directors,short-term remuneration of directors;there is not correlation between financial risk and frequency of board meetings.