第一大股东性质、董事会领导结构与公司绩效  

The Largest Shareholder,Board Leadership Structure and Firm Performance

作　　者：孙超[1] 

机构地区：[1]安徽大学

出　　处：《科学决策》2013年第7期67-81,共15页Scientific Decision Making

基　　金：安徽大学研究生学术创新研究项目(项目编号:YFC10117)

摘　　要：通过对2010年A股上市公司的实证研究,从第一大股东视角研究不同的董事会领导结构安排对公司绩效的影响。研究表明,当第一大股东对公司控制能力较强时,两职合一与公司绩效负相关,而控制能力较弱时,两职合一与公司绩效正相关。本文还根据第一大股东所有权性质的不同进行分类研究,发现当公司第一大股东为非国有股股东时,由董事长分任总经理更有助于改善公司绩效。Using the A-share listed companies in 2010 as samples,this paper studies how different board leadership structure influence corporate performance in the perspective of the largest shareholder.The resluts indecate that：when the ability to control of the largest shareholder is strong,the unity of the two jobs is inversely related to corporate performance,the ability to control is weak,the unity of the two jobs is positively correlated to the corporate performance.In this paper,we also conduct classified study depending on the different nature of the ownership of the largest shareholder.It suggests that it helps to improve corporate performance if the chairman of the board is divided from the general manager when the largest shareholder of the company is non-state-owned shareholder.

关 键 词：第一大股东 所有权性质 董事会领导结构 公司绩效 

分 类 号：F272.9[经济管理—企业管理]