上市公司董事会治理效应实证研究

本文以26家在沪、深两市上市的河南省上市公司作为样本研究董事会治理与公司绩效的关系。从董事会结构、董事会行为、董事会激励三个方面进行实证检验发现：董事会规模与公司绩效存在倒U型关系,但不显著;独立董事并没有起到实质性的作用;董事长与总经理两职是否分离并不影响公司绩效;年度董事会会议次数对公司绩效没有显著的影响;董事会成员的股份与薪酬对公司绩效产生显著影响;董事长的更换明显受到更换前一年度的公司经营绩效的影响。

An Empirical Research on Directorate Efficiency of Listed Company

On the basis of 26 listed companies in HENAN province which come into the market in Shanghai Stock Exchange and Shenzhen Stock Exchange, we research the relation of directorate efficiency and corporate performance. The author makes empirical verification from the following three aspects： the structure of board of director, the behavior of the board of director and the incentive of the board of director. Empirical results show that： there exists reverse U relation between the size of the board of director and corporate performance; independent directors do not play an important part in corporate performance; whether we separate the director and general manager does not have an effect on corporate performance; the time of meeting of the board of director in reporting year have not an distinct influence on corporate performance; the stocks and wages of directors lead to a good performance; and the change of chairman of the board is affected by the corporate perfor-mance which is one year before the reporting year.