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论文编号：	935
作者编号：	2120072001
上传时间：	2009/5/25 7:08:06
中文题目：	中国上市公司董事会与公司绩效相
英文题目：
指导老师：	陈国欣教授
中文关键字：	董事会 董事会规模 独立董事 公<
英文关键字：	Board of Directors Board scal
中文摘要：	对现代企业制度而言，董事会是公司治理的核心内容，也一直是财务学的研究焦点。作为一种新型的治理机制，董事会对公司经营绩效是否存在影响一直是各国学者和公司治理机构组织关注的问题。本文主要研究中国上市公司董事会对公司绩效会产生怎样的影响。本文在对董事会的相关理论和文献进行回顾的基础上，从董事会规模、独立董事比例、董事会持股比例、董事会领导结构和董事会年度会议次数这五方面特征出发对我国上市公司董事会的有效性及对公司绩效的影响进行了理论研究和实证分析。 本文在2001年12月31日前在上海证券交易所和深圳证券交易所上市的A股上市公司中选取260家公司作为研究样本，选取2004-2006年三年的数据。本文采用净资产收益率ROE和每股收益EPS来衡量公司绩效，利用董事会规模、独立董事比例、董事会持股比例、董事会领导结构和董事会年度会议次数作为衡量董事会特征的变量，同时考虑公司规模、资产负债率和净利润增长率这三个指标作为控制变量，建立回归模型，进行分析。得出实证研究结论：董事会规模、董事会年度会议次数与公司绩效之间分别存在着显著的负相关关系；独立董事比例、董事会持股比例、董事会领导结构与公司绩效之间不存在显著的相关关系。 以上分析的结果表明我国上市公司的董事会制度仍然不完善，其在公司治理中的作用不大，我国存在“弱董事会”现象。据此，本文进一步提出完善我国董事会制度，提高董事会有效性的若干意见。
英文摘要：	As for the modern corporate institutions, the Board of Directors is the core content of corporate governance, and it is also the focus of the Finance. As a new type of governance mechanisms, whether the Board has impact on operating performance has been the issues concerned by various countries’ scholars and corporate governance organizations. This paper studies how Chinese listed company's Boards will affect operating performance. Based on the relevant theory and literature of the Board of Directors, this paper studies the validity of the Board of Directors and its effectiveness on operating performance theoretically and empirically from five aspects which are: the Board scale, the proportion of independent directors, the Board shares holding proportion, the Board leadership structure and the number of annual meeting of the Board. In this paper, the selected samples are 260 listed companies publicly traded in Shanghai Stock Exchange and Shenzhen Stock Exchange before the December 31, 2001, and this paper choose those companies’ 2004-2006 panel data to study.This paper establishes regression models with ROE and EPS as measurement of corporate performance, the Board scale, the proportion of independent directors, the Board of Directors shares holding proportion, the Board leadership structure and the frequency of annual meeting of the Board as measurement of characteristics of Board of Directors, taking the assets size, asset-liability ratio and net profit growth rate indicators as three control variables. Studies draws Empirical conclusions: the Board scale, the number of the annual meeting of the Board has negative correlation with corporate performance respectively; the proportion of independent directors, the Board of Directors shares holding proportion and the Board leadership structure and corporate performance has no significant correlation with corporate performance. The analysis results above show that the Board of Directors system of Chinese listed companies is still imperfect, and it dose not play an effective role. There is "weak Board of Directors" phenomenon in our country. Accordingly, this article proposes suggestions to improve the system of Board of Directors and to enhance its effectiveness.
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