董事会特征与公司经营绩效的关系——基于中国民营上市公司的经验证据  

The Relationship between Characters of the Board and Firm Operating Performance:Empirical Evidence from Chinese Listed Private Companies

作　　者：向锐[1] 冯建[2] 

机构地区：[1]厦门大学会计系 [2]西南财经大学会计学院

出　　处：《财经科学》2008年第11期91-99,共9页Finance & Economics

基　　金：中国博士后科学基金项目(20080430782);西南财经大学创新人才培养基金项目的资助

摘　　要：本文以2004—2006年在深沪交易所上市的民营企业为样本,对董事会特征与公司经营绩效的关系进行了实证分析。实证检验结果发现董事会独立性、董事报酬、独立董事的出勤率与公司经营绩效存在显著的正相关关系;董事会会议次数与公司经营绩效存在显著的负相关关系;董事会规模、审计委员会的设立与公司经营绩效存在不显著的正相关关系;董事会领导结构与公司经营绩效之间的相关关系不十分明确,还有待于进一步的检验。We explore an empirical research on the relationship between the characteristics of board of directors and firm operating performance based on the data consisting of listed private firm from both Shanghai and Shenzhen Stock exchange from 2004 to 2006. These landings suggest that firm operating performance is significantly positively correlated with board independence, the pay of directors, the frequency of independent directors＇ attendence, and significantly negatively correlated with the rumber of board meeting, and insignificantly positively correlated with audit committee, the board size, and not correlated with leadership structure of the board, which is still to be tested.

关 键 词：民营上市公司 董事会特征 经营绩效 

分 类 号：F276.6[经济管理—企业管理]