高科技公司董事会组成和董事持股结构对公司绩效的影响研究--来自中国上市公司的经验证据.pdfVIP

高科技公司董事会组成与董事持股结构对公司绩效的影响研究 ——来自中国上市公司的经验证据∗ 1 1 2 1，2 任尚华 ，周 建 ，方 刚 （1. 南开大学商学院, 天津，300071；2. 南开大学公司治理研究中心，天津，300071 ） 摘要：高科技公司由于其经营环境的快速变动，对董事会的治理有着特殊的要求。高科技公司的董事会组成以及董事持股结 构与一般公司有什么区别，这些区别又如何影响公司的绩效，这成为了高科技公司发展进程中遇到的重要现实问题。本研究 运用 2006-2008 年我国深沪两地上市的高科技公司的实证数据对此进行了检验，研究发现：高科技公司中，执行董事比例与 公司绩效正相关，董事长和总经理两职合一与公司绩效之间无显著关系，执行董事持股比例与公司绩效正相关，执行董事持 股分散度与公司绩效正相关。 关键词：高科技公司；董事会组成；董事持股结构；公司绩效 中图分类号： 文献标识码： Study on the Impact of High-tech Company Board Composition and Directors’ Ownership Structure on Performance ——Evidence From the Listed Companies of China Ren Shanghua 1 Zhou Jian1，2 Fang Gang1，2 (1. Business School, Nankai University, Tianjin, 300071; 2. The Research Center of Corporate Governance, Nankai University Tianjin 300071) Abstract: Due to the rapid changes of operating environment, High-tech companies have special requirements with board Governance. What are the differences of Board composition and directors’ ownership structure between High-tech Company and others and how these differences affect the performance of the company? All this became the practical problem that high-tech Company faced. In order to answer such questions, our study used the empirical data of China Listed Companies of year 2006 to 2008, and examined our hypothesis. In this paper we find that: in listed high-tech companies, the relation between proportion of executive director and company performance is positive; there is no significant correlation between duality and company performance; the relation between shareholding of executive director and