| 董事会规模与公司价值关系的进一步检验——基于公司规模门槛效应的分析 |
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| 引用本文： | 余怒涛,沈中华,黄登仕,刘孟晖.董事会规模与公司价值关系的进一步检验——基于公司规模门槛效应的分析[J].中国会计评论,2008(3). |
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| 作者姓名： | 余怒涛 沈中华 黄登仕 刘孟晖 |
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| 作者单位： | 西南交通大学经济管理学院 云南财经大学会计学院 台湾大学财务金融学系 |
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| 摘 要： | 对于董事会规模与公司价值之间的关系,以往的研究得出了完全不同的两种结论,分析原因可能是因为公司在确定董事会规模时很大程度上取决于公司规模大小。本研究通过检验发现,公司规模对董事会规模具有门槛效果,通过使用门槛自回归模型可以更好地解释董事会规模和公司价值之间的关系,实证研究的结果表明,在公司规模相对较小的门槛区间,董事会规模和公司价值之间存在显著的正相关关系,而在公司规模较大的门槛区间,董事会规模与公司价值之间的关系在统计上不显著,但符号上表现为负相关关系。
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| 关 键 词： | 董事会规模 公司价值 公司规模 门槛自回归模型 |
The Relation between Number of Directors and Corporate Value:Empirical Analysis Based on Corporate Size Threshold Effect |
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| NUTAO YU,ZHONGHUA SHEN,DENGSHI HUANG,MENGHUI LIU.The Relation between Number of Directors and Corporate Value:Empirical Analysis Based on Corporate Size Threshold Effect[J].China Accounling Review,2008(3). |
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| Authors: | NUTAO YU ZHONGHUA SHEN DENGSHI HUANG MENGHUI LIU |
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| Institution: | NUTAO YU (Southwest Jiaotong University , Yunnan University of Financial , Economics) ZHONGHUA SHEN (Taiwan University) DENGSHI HUANG (Southwest Jiaotong University) MENGHUI LIU (South west Jiaotong University) |
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| Abstract: | Previous studies have documented the effect of board size on the performance of firms.But there is not uniform conclusion about the relation.Lipton and Lorsch (1992) and Jensen (1993) suggested that larger boards are less effective than smaller boards due to co-ordination problems in larger hoards.They recommended limiting the membership of hoards to ten people,with a preferred size of eight or nine.Yermack (1996) provided evi- dence that smaller boards are associated with higher firm value,as measured by T... |
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| Keywords: | Number of Directors Corporate Value Corporate Size Threshold Auto-regressive |
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