基于动态内生性的董事会结构与公司绩效间的跨时期相互作用

在董事会结构与公司绩效间关系的研究中，动态内生性问题通常被忽略。本文以2002-2011年410家上市公司为样本，在动态内生性的框架下，运用动态面板的System GMM估计方法，研究了董事会结构与公司综合绩效间的关系。结果表明：董事会结构与公司绩效间存在动态内生性问题，当期董事会结构与公司绩效没有显著的相关性，前期的董事会结构与公司绩效间存在显著的正相关关系，且前期公司绩效对当期董事会规模产生了显著的正向的反馈效应，但前期公司绩效并未对当期董事会的独立性产生显著影响。

Intertemporal Interaction between Board Structure and Corporate Performance Based on the Dynamics Endogeneity

On the study of the relationship between the board structure and corporate performance,dynamic endogeneity is usually ignored. In this paper,410 companies listed from 2002 to 2011 are used as our sample. In the frame-work of dynamic endogeneity,we use the dynamic System GMM model to study the relationship between board structure and corporate consolidated performance. And we get the following results：there is dynamics endogeneity problem between board structure and corporate performance;the current board structure has no significant correlation with the corporate performance;the previous board structure has a significant positive correlation with the corporate performance and the previous corporate performance has a significant positive feedback effect on the current board size. However, the prior corporate performance has no significant effect on the independence of the current board.