产品市场竞争对董事独立性作用的影响

产品市场的竞争情况对于独立董事作用的发挥具有一定的影响。本文以沪市上市公司的数据为样本,以产品市场竞争为约束条件,观察在不同产品市场竞争条件下的董事独立性与公司绩效之间的关系。结果表明,在低度竞争的产品市场条件下,独立董事的作用符合代理理论的解释,提高独立董事比例对公司绩效起到积极作用;而在高度竞争的产品市场条件下,独立董事的作用符合管家理论的解释,提高独立董事比例对公司绩效有消极作用。

The Effect on Independence Director's Work of the Product Market Competition

Product market competition affect independent directors' work to some extent.Using publicly traded firms on Shanghai for empirical testing,this paper researches the relationship between the board independence and firm performance on different product market competition.We find that board independence enhances firm performance among companies facing highly competitive product markets,while the agency theory can explain this phenomenon well.On the other hand,board independence reduces firm performance in industries with less competitive product markets,and the stewardship theory can explain this phenomenon well.