公司的领导权结构与经营绩效

公司的领导权结构反映了董事会的独立性和执行层创新自由的空间，它是公司内部治理结构的一个极其重要且高度可见的方面，依据来自中国证券市场数据的实证分析表明，领导权结构与公司绩效之间并不存在显著的线性关系，而且环境变量也未调和上述二者之间的联系。公司绩效的决定因素是很复杂的，而且是相互联系的，不能用单一的变量（如两职设置）来衡量，两职分设也并不是解决公司绩效问题的万能药。公司治理效率的根本决定因素在于合理的股权结构与市场化的人事任免机制。在现行的制度框架下，总经理兼任董事（不包括董事长）可能是一种较好的选择。

Leadership Structure of Corporation and Performance

Leadership structure of corporation reflects independence degree of board of directors and space of executive innovation,so it is a very important and clear aspect of corporate governance. Positive analysis indicates that the relation between leadership structure and corporate performance isn't linear, and environment variables don't conciliate the relation. Determinative factors of corporate performance are so complicated and interdependent that we can't weigh by a single variable. Non-duality leadership structure isn't panacea. Essential determinative factors of corporate governance efficiency are reasonable equity structure and marketable mechanism of appointment and remove. Under the actual system, incomplete duality is a preferable choice.