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论文编号：	138
作者编号：	2120051910
上传时间：	2007/6/25 22:19:04
中文题目：	在美中国上市公司董事会与公司绩
英文题目：	The Board of Directors and Cor
指导老师：	周建
中文关键字：	在美中国上市公司 董事会 公司绩
英文关键字：	Chinese Public Listed Companie
中文摘要：	有关董事会的研究是公司治理领域的一个重要方向，国内外学者针对董事会与公司绩效间的关系进行了大量的研究。在该领域的众多文献中，形成了丰富且多元化的研究成果，有很多因素导致了这样一种研究结论多样化的结果，例如：所采用的理论视角存在差异；选择的研究方法不同；对公司绩效的衡量方法不同；在对董事会介入企业决策的程度上存在相互冲突的观点等。一些研究在借助了评价董事会的综合模型以及采用了不同的理论视角和董事会特征描述的基础上，仍然没有得出确定的结论。 随着中国加入WTO以及全球经济金融开放程度的提高，中国企业进入了更为广阔的国际资本市场，已经有多家中国企业选择在海外上市。中国企业在海外上市促使这些企业更加关注公司治理问题以符合当地上市准则以及相关政策规定。各国证券交易所也纷纷采取各种措施增强其国际竞争力以吸引高质量的上市公司资源，交易所的这种积极拓展行为同时推动了中国企业的海外上市。 本研究的创新之处在于：在中国企业海外上市的大环境下，有关董事会与公司绩效的研究又呈现出一个崭新的视角，在美中国上市公司面临不同于国内的公司治理环境。对在美中国上市公司的董事会治理实践及其对公司绩效的影响的研究将会为今后的国内企业海外上市提供富有意义的启示。 本研究选取在美国三大交易所（即纽约证券交易所、纳斯达克证券交易所、美国证券交易所）上市的中国企业，从董事会构成情况、董事会特征、董事会结构、董事会行为四个方面考察了在美中国上市公司的董事会治理现状，并且选取董事会规模、独立董事比例、连锁董事比例、领导权结构以及董事会会议次数作为董事会治理指标来检验董事会与公司绩效之间的关系。本研究引入了连锁董事比例作为董事会治理指标也是一大创新之处。实证结果表明：董事会规模与公司绩效不存在显著的相关关系；独立董事比例与公司绩效存在显著的负相关关系；连锁董事比例与公司绩效不存在显著的相关关系；CEO与董事长两职合一与公司绩效存在显著的负相关关系；董事会会议次数与公司绩效存在显著的负相关关系。
英文摘要：	Board of directors is an important research field in corporate governance, scholars from China and abroad engaged in the research of the relationship between board of directors and firm performance and formed rich research results. Among these research results, some of them are conflicted due to the differences in their perspectives, research method, measurements of firm performance and the view of board involving in corporate decision making. Though some scholars used comprehensive models, different theories and board characters, they didn’t get a conclusive result. Along with China’s entering WTO and the opening of global financial market, Chinese companies have the opportunity to enter the global market. Some Chinese companies already chose to list aboard. Cross-listing made Chinese companies pay more attention to corporate governance and run under the rules of local capital market. Foreign security markets also adopted measures to enhance their competitiveness in attracting high quality companies, this situation made Chinese companies accelerate their pace of listing aboard. This thesis has some innovations as follows: under the circumstance of Chinese companies’ listing aboard, there appeared a new perspective towards the relationship between board of directors and firm performance. Chinese companies listed aboard faced different corporate governance environment. The research of board governance practice of Chinese companies listed in America and the relationship between board of directors and firm performance will have implications to the further cross-listing of Chinese companies. This thesis will choose Chinese companies listed in NYSE, NASDAQ and AMEX as samples and examine their board governance condition according to board composition, characteristics, structure and process. Then, Choose board size, proportion of independent directors, proportion of interlocking directors, leadership structure and number of board meetings as board governance indicators to examine their impact on corporate performance. It is innovative that this study introduced interlocking directors as an indicator to measure board governance. The empirical results are as follows: board size is uncorrelated with corporate performance, proportion of independent directors is negatively correlated with corporate performance, proportion of interlocking directors is uncorrelated with corporate performance, unitary leadership structure is negatively correlated with corporate performance, board meetings frequency is negatively correlated with corporate performance.
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