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以我国上市公司为研究样本,区分企业性质,实证检验了不同董事会特征对企业绩效的影响。本文研究发现,董事长没有兼任总经理,董事会规模越大,薪酬越高,开会次数较多和独立董事越多,公司的绩效也越好;可是董事会持股比例却没有显著影响公司绩效。在国有企业中,董事会规模与公司绩效之间呈显著负相关关系,说明董事会规模太大对企业的绩效有显著的负面影响。在非国有企业中,董事会规模较小,开会次数较多,独立董事比例和董事成员薪酬较高,能够对公司的绩效产生显著的影响;但是二职合一却降低了公司绩效。研究结论表明,不同的企业产权制度下董事会特征对公司绩效的影响存在较大差异。本研究不仅丰富了公司绩效领域的文献,而且对董事会的构成特征也有一定借鉴意义。
Taking the listed company in our country as the sample of the study, we can distinguish the nature of the enterprise, and test the influence of the different characteristics of the board of directors on the performance of the enterprise empirically. The study found that the chairman does not serve as general manager, the larger the board of directors, the higher the pay, the more meetings and more independent directors, the better the performance of the company; but the board of directors did not significantly affect the company’s shareholding performance. In the state-owned enterprises, there is a significant negative correlation between the size of the board of directors and the performance of the company, indicating that the size of the board of directors has a significant negative impact on the performance of the enterprise. Among the non-state-owned enterprises, the board of directors is small in size, has a large number of meetings, and the proportion of independent directors and directors are highly paid, which can have a significant impact on the performance of the company. However, the combination of the two posts reduces the performance of the company. The conclusion of the research shows that there are big differences in the influence of the board characteristics on the corporate performance under the different enterprise property rights system. This study not only enriches the literature on corporate performance, but also makes some reference to the composition of the board of directors.