公司治理、董事会行为与经营绩效

本对1996年12月31日以前上市的366家A股公司（包括同时发行B股）进行了实证研究，结果表明，在企业绩效下降之后董事会的活动通常会增加。我们还发现在具有董事会非正常活动频率较高的年度及其以后年度，企业的经营绩效会得到微弱的改进，这在一定程度上表明了董事会会议对于公司治理的涵义。但是，这一实证结果却未能有力地证明Nikos(1999)的结论，即董事会的活动（通常董事会的会议频率加以计量）是董事会参与公司治理的一个重要方面，从而间接地说明了我国上市公司董事会行为的低效率。

The Behaviors of Corporate Governance and Corporate Performance

The empirical studies contains the 366 corporations publicly listed in securities market as of Dec.31,1966,showing that activities of board of directors will positively increase with the deterioration of corporate performance.We also find that the corporate performance will be slightly improved after the increased activities of the board of directors,which is to some extent accordance with board meeting related to the meaning of corporate governance.But it does not firmly support the conclusion of Nikos,who agued that the activities of board of directors were an important way for director members to take part in the corporate governance.Our studies indicate indirectly that low efficiency of activities of board of directors characterizes the listed companies of China.