董事会规模对上市公司经营困境影响的实证研究  

An Empirical Study on the Effect of Board Size on Business Distress of Chinese Listed Companies

作　　者：王山慧[1] 王宗军[1] 

机构地区：[1]华中科技大学管理学院,湖北武汉430074

出　　处：《财会通讯（下）》2012年第6期57-59,129,共3页Communication of Finance and Accounting

基　　金：国家自然科学基金项目"公司治理视角下基于粗糙集的中国上市公司经营困境评价模型及实证分析"(项目编号:70872033)阶段性成果

摘　　要：本文基于资源依赖理论研究董事会规模对上市公司经营困境的影响。采用2003-2009年首次被ST或*ST的沪深两地上市公司研究作为经营困境公司样本,并且同等配对健康公司样本进行了分析。结果发现:健康公司的董事会的平均规模要大于困境公司的董事会的平均规模;并且董事会规模与上市公司陷入经营困境的概率显著负相关,即董事会规模越大,上市公司陷入经营困境的可能性越小。Based on resource dependence theory,this paper investigated the impact of board sizes on business distress of Chinese listed companies for the first time.We analyzed data of these listed companies that were first specially treated from the year 2003 to 2009 and their matched companies in our country are chosen as the research objects.It reveals that the average board size of the healthy companies is larger than those with business distress.Different from previous studies,we found a significant negative correlation between the board size and the probability of the listed companies falling business distress after logistic regression analysis.In other words,the larger sizes the board has,the smaller probability that the listed may companies falling business distress.

关 键 词：董事会规模 经营困境 资源依赖理论 LOGISTIC回归 

分 类 号：F276.6[经济管理—企业管理] F832.51[经济管理—国民经济] F224