董事会特征与公司绩效关系的行业分析  

Industry Analysis of Relationship between Board Characteristics and Corporate Performance

作　　者：范林榜[1] 李锦生[2] 潘善启[3] 

机构地区：[1]中国矿业大学管理学院,江苏徐州221008 [2]徐州师范大学淮海发展研究院,江苏徐州221009 [3]徐州师范大学管理学院,江苏徐州221009

出　　处：《徐州师范大学学报（哲学社会科学版）》2010年第1期111-115,共5页Journal of Xuzhou Normal University(Philosophy and Social Sciences Edition)

基　　金：江苏省教育厅高校哲学社会科学基金项目:"股权集中度与经营绩效关系的行业特征分析"(07SJB630026)的阶段性成果

摘　　要：在不同的行业特征条件下,董事会特征对公司经营绩效的影响有一定差异:董事会规模、独立董事比例等董事会特征要素与被解释变量总资产收益率、净资产收益率和托宾Q值等公司经营绩效要素之间,在竞争性行业中两者表现出较为一致的弱正向相关性,在垄断性行业中两者表现出较为一致的弱负向相关性;在竞争性行业的上市公司中,独立董事比例与被解释变量Tob in Q值、总资产收益率和净资产收益率呈三次曲线关系。这一结论对于科学确定董事会规模、强化对独立董事的认识等方面具有重要的指导作用。上市公司应依据其所处的竞争环境及其他各方面因素,科学确定董事会规模,同时要进一步从思想上重视,从制度上、措施上完善独立董事制度,强化独立董事在提高公司治理效率、提升公司经营绩效方面的作用。In this paper the empirical analysis shows that board characteristics have different influence on corporate performance under the circumstance of different industrial characteristics. Firstly, between the elements of board characteristics like the board size together with the proportion of independent directors and explanatory variables, the elements of corporate performance such as return on assets, return on equity and Tobin Q, it denotes identical weak positive correlation in competitive industry, and weak negative correlation in monopoly industry. Secondly, the proportion of independent directors and explanatory variables such as To- bin Q, return on assets, return on equity indicate three curve relations in the listed companies of competitive industry. This conclusion has very important guiding function in establishing the board size scientifically, strengthening the realization of independent directors, and so on. Listed companies should establish the board size scientifically based on the situated competitive environment and other factors, attach great importance in terms of ideology and improve independent directors in terms of systems and measures, and strengthen the function of independent directors in improving corporate governance efficiency as well as performance

关 键 词：上市公司 独立董事 经营绩效 行业特征 

分 类 号：F276.6[经济管理—企业管理]