市场化进程与董事会治理对公司绩效的联合影响——基于中国A股市场的经验证据  

The Joint Impact of Marketization Process and Board Governance on Corporate Performance:Empirical Evidences of A-shares in China

作　　者：周建[1,2] 袁德利[1,2] 薛楠[2] 金媛媛[1,2] 

机构地区：[1]南开大学中国公司治理研究院,天津300071 [2]南开大学商学院,天津300071

出　　处：《数理统计与管理》2014年第6期1021-1029,共9页Journal of Applied Statistics and Management

基　　金：国家自然科学基金项目(70872048);国家自然科学基金项目(71272184);教育部新世纪优秀人才支持计划项目(NCET-08-0302);教育部人文社科重点研究基地重大项目(11JJD63000);南开大学"985工程"中国企业管理与制度创新基地资助项目(1050821210)

摘　　要：在市场经济改革和公司治理制度建设的过程中,有关市场化进程和董事会治理对公司绩效联合影响的经验证据相对缺乏.本文以2005-2007年间中国A股上市公司为样本,实证检验了市场化进程和董事会治理对公司绩效的联合影响。研究发现,市场化进程与公司绩效显著正相关,董事会独立性、专业委员会设置、董事会会议次数、董事会薪酬、董事会持股比例与公司绩效显著正相关,两职合一与公司绩效显著负相关,董事会规模与公司绩效间的相关关系不显著。在此基础上提出了相应的政策建议。In the process of Chinese market-economy reform and corporate governance system construction, there are relatively little empirical evidence about the joint impact of marketization process and board governance on corporate performance. Taking China A shares （2005-2007） as research samples, This study examines this joint impact. The regression results report a positive significance correlation between marketization process and the corporate performance. The variables of special committee setup by the board, average number of board meetings , independence and, the salaries of the board, shareholding ratio of the board are positively correlated with the corporate performance, however, the size of the board are not positively correlated with corporate performance. Some policy suggestions are put forward.

关 键 词：市场化进程 董事会治理 公司绩效 制度环境 

分 类 号：F276[经济管理—企业管理] O212[经济管理—国民经济]