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本文选用1998年以前上市 A 股公司作为样本,对“三分开”政策实施对董事会结构影响进行了研究。结果表明:(1)由于中央及部委所属的上市公司能够得到更多的资源和政策支持,因而选择执行“三分开”政策变更两职关系的可能性要明显的高于非中央企业;“三分开”政策颁布当年新上市的公司比颁布前一年新上市的公司变更两职关系的可能性更大;(2)选择执行“三分开”政策的公司在实施两职分离之后,内部人员担任董事人数显著下降;而大股东委派的董事人数和大股东董事长兼任上市公司董事长的可能性显著增加。
This article selects listed A-share companies prior to 1998 as a sample to study the impact of the “three separate” policy on the structure of the board of directors. The results show that: (1) Because listed companies owned by the central government and ministries can get more resources and policy support, the possibility of choosing to implement the “three separate” policy to change the two-position relationship is obviously higher than that of non-central enterprises; “Three separate ” policy promulgated the new listing of companies that year than the promulgation of the new year before the company listed on the possibility of changes in the two-position relationship; (2) the implementation of “three separate ” policy companies in the implementation of the two posts After the separation, the number of internal staff members who served as directors dropped significantly; however, the number of directors appointed by major shareholders and the possibility of becoming the chairman of listed companies by large shareholders increased significantly.