董事会独立性价值的再研究——基于对绩效波动影响的分析

通过对我国上市公司2000～2007年的数据分析发现,独立性程度较高的董事会与较小的(ROA)波动之间存在着显著的正相关关系,与Q的波动之间不存在显著的相关关系,另外,对董事会独立性与绩效波动之间的中间作用机制进行分析发现,拥有较高独立性董事会的公司,在一定程度上是通过减少企业的非经常性收益和经营性操控应计的波动来对企业绩效的波动产生影响.

Re-examination of the Value 0f Board Independence:An Analysis Based on the Impact on Performance Variability

Using the data of listed companies in China from 2000 to 2007,this study provides empirical evidence that firm with higher board independence has lower variability of ROA.But there isn't significant relationship between board independence and the variability of Q.Moreover,based on the exploration on mechanism of the influence of board independence on performance variability,we find that hat board independence is negatively associated with the variability of extraordinary items and operating discretionary ac...