董事会行为、公司治理与绩效:来自中国的经验证据

以中国证券市场2005年公布的指标股为研究样本,以2000~2005年为数据采集区间,用董事会会议频率表示董事会行为,实证分析了董事会行为的决定因素、董事会行为与前期、当期和后期公司绩效之间的关系。研究结果表明,董事会行为与其独立性密切相关,独立性越强的董事会会导致较高强度的董事会行为,而外部董事的声誉激励制度和机构投资制度对董事会行为的作用还有待进一步加强;董事会行为与前期公司经营业绩显著负相关,与当期、下期公司绩效显著正相关;董事会行为是一种事后的"灭火装置",而不是事前治理的措施;市场对积极的董事会行为评价较高。

Board Activity, Corporate Governance and Firm Performance: Evidence from China

For 300 firms over the periods from 2000 to 2005 in China stock exchange,the authors find that board activity is close related to the independence of board of directors.The improving of independence of board will lead to increase of board meeting frequency.But the role that report incentive of independence director and institution investor in corporate governance is limited.It also finds that board activity is inversely related to prior operating performance and positively related to contemporary and prospective corporate performance.Especially,boards meet more often following poor performance,suggesting that board meetings are reactive,rather than proactive,measures.Overall,the results suggest that board activity,measured by board meeting frequency,is an important dimension of board operations.