董事会自主治理与公司绩效——基于2007年上市公司治理调查的实证研究  

Voluntary Governance of Board and Firm Performance —— Empirical Evidence from Governance Survey of Listed Companies in 2007

作　　者：曹廷求[1] 阮佳佳[1] 王倩[2] 

机构地区：[1]山东大学经济学院,山东济南250100 [2]南开大学商学院,天津300071

出　　处：《山西财经大学学报》2010年第9期89-97,共9页Journal of Shanxi University of Finance and Economics

基　　金：本文为教育部人文社科重点研究基地重大项目(07JJD630002);教育部新世纪优秀人才支持计划(NCET-10-0517);山东大学自主创新项目(IFW09147);山东大学"985"项目"金融理论与政策研究"的部分研究成果

摘　　要：文章采用2007年933家中国上市公司治理调查的18项指标构建的董事会治理指数对董事会治理及其效果进行了实证研究,试图在基于自主性治理和强制性治理概念的董事会评价研究方面进行探讨。研究表明:董事会自主治理水平的提高与公司绩效显著正相关;董事会自主治理对绩效的作用主要是董事会的"独立性"和"合规性"机制发挥了作用;不同股权集中类型的公司自主性治理水平对绩效的促进效应存在差别。This paper tries to make some effort on evaluation of board governance based on the concepts of mandatory governance and voluntary governance.Using Index of Board Governance constructed with 18 indicators from Governance Survey of 933 listed companies in 2007,the authors examine the relation between board governance and firm performance.The empirical results show that： First,there is a significant and positive association between voluntary governance of board and performance.Second,the board＇s ＂independence＂and ＂compliance＂mechanism play important role.Third,companies of different ownership concentration show great differences in the relationship between voluntary governance and firm performance.

关 键 词：董事会 自主性治理 强制性治理 公司绩效 

分 类 号：F271[经济管理—企业管理]