董事会结构与公司治理绩效的实证分析

独立董事制度为公司的权益资本和管理雇佣契约提供了更为安全的治理措施。但分析表明,那种认为董事会独立性越强,公司治理效率越好的想法是不恰当的。信息获取能力的约束以及非执行董事和执行董事之间的博弈水平使得董事会结构与公司治理绩效之间存在显著倒U型关系。

An Empirical Analysis on the Structure of Board of Director and the Governance Performance

The empirical analysis shows that the equity capital and employment contract can be safe with the independent board director system. But it is unlikely that the independence of board directors is strongger,the performance of corporate governance is better.There is the reversed U relationship between structure of board of director and governance performance because of information stipulation and their level of game between non-executive director and executive director.