股权结构与董事会治理效率交互效应探究

以2006-2011年983家上市公司为样本，运用面板数据的个体固定效应模型，不仅对股权结构、董事会治理效率与公司绩效间的关系进行了研究，还检验了股权结构与董事会治理效率间是否存在交互效应。通过研究发现，股权集中度和股权制衡度都与公司绩效呈倒U型关系，董事会治理效率与公司绩效正相关，股权结构与董事会治理效率间存在交互效应。具体来说，股权集中度与董事会治理效率的交互效应与公司绩效负相关，股权制衡度与董事会治理效率的交互效应与公司绩效正相关。

The Research on Interaction Effect between Ownership Structure and Board Governance Efficiency

We study 983 listed corporation from 2006 to 2011. We not only apply panel data’s individual fixed effects model to study the relationship between ownership structure,board governance efficiency and corporate performance, but also to test whether there is interaction effect between ownership structure and board governance efficiency. We get the following conclusion, both ownership con-centration and equity balance degree have significantly inverted U-shaped relationship with corporate performance, board governance ef-ficiency has a significant positive correlation to corporate performance, there is interaction effect between ownership structure and board governance efficiency. Specifically, the interaction effect between ownership concentration and board governance efficiency has a signifi-cantly negative correlation with corporate performance, the interaction effect between equity balance degree and board governance effi-ciency has a significantly positive correlation with corporate performance.