摘要
基于我国A股上市公司前500强2006-2009年的经验数据,以董事会规模、董事长与总经理是否两职合一、董事持股比例、独立董事比例和董事会会议频率作为董事会治理变量,以投资机会集(IOS,investment opportunity set)作为公司成长变量,分析了董事会治理对公司成长的影响。研究结果表明,独立董事比例与公司成长显著负向关联,董事长与总经理两职合一和董事会会议频率均与公司成长显著正向关联,董事会规模和董事持股比例则与公司成长弱相关且不具有显著性。
Based on the empirical data of Chinese A-share top 500 listed companies over 2006-2009,the effect of board governance on corporate growth is analyzed with the board size,CEO duality,the proportion of directors＇ stocks,the proportion of independent directors,and the frequency of board meetings as board governance variables,and with IOS as corporate growth variable.The results show that IOS is significantly negatively related to the proportion of independent directors and significantly positively related to CEO duality and the frequency of board meetings.However,the relation between board size and IOS is not significant,neither is the relation between the proportion of directors＇ stocks and IOS.
