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论文编号：	8438
作者编号：	2120142511
上传时间：	2016/6/12 19:08:26
中文题目：	董事会断层与公司绩效关系的实证研究
英文题目：	Empirical Research on the Relationship Between Board Faulines and Corporate Performance
指导老师：	张耀伟
中文关键字：	董事会断层；公司绩效；董事长行业经历；独立董事比例；股权集中度
英文关键字：	board faultlines; Corporate performance; the industry background of chairman; the proportion of independent directors; ownership concentration
中文摘要：	当下，中国企业正面对着风云变幻莫测、机会稍纵即逝、竞争异常激烈的市场环境，每一个身处其中的企业都希望自己能够持续、稳定、健康，甚至是高速地发展壮大起来。然而，由于每个企业具体面对的行业情况不同、企业拥有资源的数量和运用资源的能力各异、对未来市场变化的适应能力有所差别，导致一部分企业在紧张激励的竞争中退出了市场舞台，而另一部企业综合利用各项资源，对市场的变化作出敏锐而准确的判断，能够抓住稍纵即逝的机会，在竞争对手中杀出重围，成为行业的领头羊和佼佼者。 作为公司最高的战略决策机构，也是公司治理研究的核心机构的董事会，肩负着综合运用公司内外的各种资源、根据市场环境的情况为公司制定科学的决策，指引公司走向更加辉煌的道路的使命，同时也负责监督公司管理层的行为，使得他们的经营管理活动符合董事会制定的策略方针、符合公司所有者的利益诉求。董事会成员由于个体特征上的差异，基于这些差异的聚合会在董事会内部形成一个个子群体，即董事会断层的产生。董事会断层与公司绩效之间有怎么的关系是非常值得研究的问题。本文首先检验了董事会断层与公司绩效之间的主效应，然后检验了董事长行业经历、独立董事比例、股权集中度对董事会断层与公司绩效的调节作用。得出董事会断层的强度与公司绩效正相关；董事长的从业经历对董事会断层的强度与公司绩效的关系具有正向调节作用；而独立董事的比例和股权集中度对董事会断层的强度与公司绩效的关系具有负向调节作用。 根据本文的研究结论，本文建议在董事会的组成过程中，要考虑董事会断层对公司绩效的影响，同时，要发挥好董事长行业经历、独立董事比例、股权集中度对两者关系的调节作用，从而提高董事会的运作效率，提高公司的绩效。
英文摘要：	At present,Chinese enterprises are facing unpredictable situation,fleeting opportunity and competitive market environment, each of these enterprises hopes oneself can be sustained, stable, healthy, and even to grow up at a high speed. However, due to different industries , different levels of abundant resources , different ability to use its resources and to adapt to the future market changes, resulting in some enterprises drop out of the stage of competitive market , while the other portion of these enterprises which have the ability to use various resources comprehensively,to make a sharp and accurate judgment to the change of the market, to seize the fleeting opportunity, Finally stand out of the competition,and become the leader of industry . As the company's highest strategic decision-making body, and also the core research institutions of corporate governance , The board of directors is shouldering the mission to integrately use all kinds of resources inside and outside the company, to make scientific decision according to the situation of the market environment for the company, and to guide the company towards a more brilliant path, also to oversee the company's management behavior, making their management activities in line with the policy guidelines established by the board,and in the interests of the demands of the company owners. Due to differences in individual characteristics on the board of directors, based on the polymerization of these differences will form a sub-group within the board of directors that is the board faulines. The relationship between board faulines and corporate performance is very worthy of study. This paper examine the main effects between board faulines and corporate performance, and then test the moderating effects of chairman industry background, the proportion of independent directors and ownership concentration on the relationship between board faulines and corporate performance. It is concluded that the strength of the board faultlines is positively related to the corporate performance,,the chairman industry background has a positive moderating effect on the relationship between the strength of the board faultlines and the corporate performance.while the proportion of independent directors and ownership concentration has a negative moderating effect on the relationship between the strength of the board faultlines and the corporate performance. According to the conclusions of this paper, in the process of the composition of the board of directors, the influence of board faultlines on corporate performance should be considered,and should make better use of the moderating effects of the industry background of chairman, the proportion of independent directors and ownership concentration on the relationship between board faulines and corporate performance. to improve the operational efficiency of the board of directors, and ultimately improve the performance of the compan.
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