董事会规模、稳定性与公司绩效:理论与经验分析

董事会作为代表公司行使其法人财产权的必要会议体机关 ,处于公司内部治理结构的核心。规范和经验分析共同表明 ,董事会的专有特征会对其职能的行使发挥作用 ,进而对公司绩效产生影响。我们的经验分析证实了“董事会规模与公司绩效指标之间存在着倒U型的曲线关系”和“公司以前年度的绩效水平越好 ,董事会的稳定性越强”这两个理论假设。与此同时 ,“治理改善”和“跳船效应”假设在我国的证券市场中都未得到证实。

Number of Directors,Board Stability and Performance:Theory and Experience

As essential organ of conference exerting corporate property rights by representing corporation,Board of directors is the core of corporate governance structure. Normative and empirical analysis show that proprietary characteristics of board of directors can influence their functions,and influence corporate performance.Our empirical analysis shows that there is inverse U relations between size of board of directors and performance,and former performance are better,current board stability are stronger.At the same time,governance improvement and jumping ship hypothesis haven't been approved.