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论文编号：	1867
作者编号：	041826
上传时间：	2010/5/18 9:45:22
中文题目：	董事会特征对公司绩效的影响研究
英文题目：	board characteristics firm performance relativity
指导老师：	李 姝
中文关键字：	董事会特征 公司绩效 相关性
英文关键字：	board characteristics firm performance relativity
中文摘要：	近年来,我国上市公司在董事会制度建设方面取得了很大的进展，上市公司治理和董事会运作也开始逐步完善，独立董事制度和独立董事的独立性已为我国政策层所重视。2001年8月21日，中国证券监督管理委员会在广泛收集和听取各方意见后颁布了《关于在上市公司建立独立董事制度的指导意见》，它标志着我国上市公司开始正式设立独立董事制度。从那时起到现在，我国引入并且实施这一制度已有近5年时间，但是该制度的实施情况究竟如何？能否实现立法者建立和推行该制度的初衷？基于此，本文对制度颁布后的最新数据进行研究，分析政策制度在我国上市公司的落实情况，检验其是否促进了董事会作用的有效发挥，并且通过纵向比较，寻找董事会特征与公司绩效之间的最新联系。 本文首先详细回顾了国内外研究文献，然后对董事会的相关理论及现状进行了详细的分析，接下来从独立董事比例、董事会成员年龄特征、董事会成员性别特征、董事会行为特征、董事会成员平均任期、董事长与总经理两职设置状况、董事会的次级委员会等董事会特征出发对我国上市公司董事特征的变化、有效性及其与公司绩效之间的关系进行了理论研究与实证分析。 本文选择了13个国内研究较少及尚未形成定论的自变量，采用总资产收益率、净资产收益率、每股收益、综合绩效指标等四个指标来衡量企业绩效，其中采用主成分分析法构建综合绩效指标，建立四个模型，引入五个控制变量，对2002－2004年度间董事会特征进行了描述性统计分析，对董事会特征与公司绩效之间的关系进行了多元线性回归分析，根据回归结果，本文获得了一些有意义的信息与结论：指导意见的颁布确实增进了独立董事的作用；年龄大的董事会成员在董事会中发挥着更大的作用；董事会成员的性别比例对公司绩效无显著影响；独立董事亲自参加会议并没有提高董事会会议的作用；董事会设置的各种职能委员会没有有效的发挥作用；没有发现董事长与总经理两职分离对公司绩效有促进作用，相反，本文研究结论认为中国的上市公司采取两职合一的模式更有利于公司绩效的提高。
英文摘要：	In Recent years, Chinese listed firms have made a big progress in the establishment of the board system .The governance and the system of listed firms are gradually becoming perfect. Our government pays more attention to independent directors’ system and their independence. On August 21st, 2001, Chinese Securities Regulatory Commission issued the Instruction about Setting up Independent Director System in the Listed firms, which indicates that our country began to set up independent director system in the listed firms. So far, our country has introduced and implemented this system for about 5 years. But how about the effect of the implement of this system? Will it realize the legislators’ original intention when they introduced this system? Based on this condition, this thesis analyses the implement of this system in our listed firms and whether it avails the exertion of the board of directors, and then compared among the period of 2002-2004, this thesis searches for the newest relationship between the board characteristics and firm performance. First, this thesis presents a comprehensive survey of the economic literature related to these areas. Secondly, this thesis analyses the related theory about board of directors and the present condition of board of directors in detail. Thirdly, This research gives the theoretical and experimental research both on the change and efficiency of the board characteristics of the listed firms and the relationship between board characteristics and firm performance from the aspect of independent directors’ proportion, the age characteristic of board of directors, the gender characteristic of board of directors, the meeting frequency of board of directors, the average tenure of board of directors, duality and the councils. This thesis focuses on the aspect of the board characteristics that are seldom investigated by Chinese scholars and adopts ROA, ROE, EPS and integrated index which reflects ROA, ROE and EPS by data reduction to measure firm performance. At first, this thesis gives descriptive statistics analysis to reflect the change during the period of 2002-2004, and then four models with five control variables are set up to give multianalysis to the relationship between the board characteristics and firm performance by linear regression. Useful conclusions are got from the regression results, for example: the role of the independent directors is strengthed by the system; elder people play a more important role in the board of directors; the relationship between the gender characteristic of board of directors and firm performance has not been found; it hasn’t raised the efficiency of the meeting of board of directors that the independent directors take part in the meeting; the councils that belong to board of directors is not efficient in promoting firm performance; the duality seems applicable in Chinese listed firms.
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