中国上市公司董事会特征和企业绩效研究.pdf

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中国上市公司董事会特征和企业绩效研究.pdf

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TheRelationshipBetweenBoardCharacteristicsand CorporateperformanceinListedChinaCompanies M时or:PoliticalEconomics Specilalty:MarketEconomyOperationandMacro-Regulations Supervisor:Professor.ZhuZeshan Author:ShenXinji 座机电话号码 Abstract Asformodernenterprisesystem,boardhasbeenbeingaresearchfocusoffinancial.As anewgovernancemechanism,itsgovernanceefficiency,wetherornotitcandevelop effectively?itsfunctionwhichitshouldhavebeen?Firstly,thisresearchanalyzesthepresent conditionoflistedcompanyboardinChina.Thengivesthetheoriticalresearchand experimentalanalyzesfromtheboardcharacteristicssuchasboardsize,theproportionof independentdirector,theproportionofoutsidedirector,theproportionofinsidedirector, board_meetingfrequency,thelevelsofboardinterlocks,duality. Paperchooses616listedcompanies as thebasicsampleswhichfistlygives descriptivestatisticsanalyzes,findsthattheboardsizeinChinaisgreaterthanthatofthe abroad.Andtheboardmemberisevennumberinabout20%samples;Justalittlemorethan ahalfcompanywheretheratesofindependentdirectoraccordwiththeprovisionofthenew companylegal;Therateofmanagedirectorismorethan115,butthereisadescendtrend; Mostofcompanieschosepart-timeboardofdirectorsinCEOthedirecorsmode;The frequencyoftheboardmeetingishigh,butsomewhatbecomeamereformality;Thelevels ofboardinterlockshasincreasedgreatly,butstilllowerthan1.5%,andasmallpartof independentdirectorshavealittleamountofshares. ThispaperadoptROE,EPS,TobbinsQtomeasurecorporateperformanceandadopt ordinaryleastsquaresmodeltoanalyzetherelationshipbetweentheboardcharacteristicand corporateperformance.Resultsshow:thesizeoftheboardispositivelycorrelatedwithfirm performance;theproportionofindependentdirectorisuncorrelatedwithfirmperformance; theproportionofmanagedirectorisnegativelycorrelatedwithfirmperformance;dualityis positivelycorrelatedwithfirmperformance;thefrequencyoftheboardmeetingis negativelycorrelatedwithfirmperformance;thelevelsofboardinterlocksispositively correlatedwithfirmperformance.Theseresultsde