摘要
文章依据“股权结构———董事会特征———公司绩效”分析框架，选取2001～2010年沪深两市1272家上市公司为样本，运用面板数据联立方程模型控制内生性，实证研究股权结构如何通过决定董事会特征进而影响公司绩效。结果表明：在股权结构与董事会特征关系上，董事会规模与股权集中度不显著负相关，与国有股比例显著负相关；董事会中独立董事比例与股权集中度显著负相关，但与国有股比例显著正相关；两职合一的可能性与股权集中度显著负相关，但与国有股比例显著正相关；董事会专门委员会数目与股权集中度不相关，但与国有股比例显著负相关。而在董事会特征与公司绩效关系上，公司绩效与董事会规模之间显著正相关；公司绩效与董事会专门委员会数目也显著正相关；但是公司绩效与独立董事比例显著负相关，与两职合一显著正相关。
Abstract
Using the framework of ‘Equity structure—Board characteristics—Firm performance’ ,we empirical‐ly investigates how equity structure affects firm performance by determining board characteristics with a data set including 1272 firmslis ted in both Shanghai and Shenzhen Stock Exchanges from 2001 to 2010 .We adopt both fixed effect regressions and 3SLS in a system of equations to addressendogeneity in the econometrics analy‐sis .We find when investigating the relationship between equity structure and board characteristics that the rati‐o of state-ow ned shares has a negative effect on both board scale and the number of board committees ,but has a positive effect on both the proportion of independent directors in board and CEO duality .Ow nership concen‐tration ,however ,exerts a negative impact on both the proportion of independent directors in board and CEO duality .As to the association between board characteristics and firm performance ,we observe that firm per‐formance is positively correlated with board scale ,the number of board committees and CEO duality ,but is negatively associated with the proportion of independent directors in board .
NETL
NSTL
维普
万方数据