Do the Characteristics of Board of Directors Affect Firm's Performance
- 管理学院－已发表论文 
本文系统回顾了国内外关于董事会特征与公司整体绩效之间关系的研究成果,并以上海证券交易所上市公司为研究样本,在实证基础上分析我国上市公司董事会特征与公司绩效之间关系。采用ROE、EPS和EVA衡量公司绩效,作者得出若干有意义结论:一、董事会规模与公司EPS和EVA负相关,但与ROE正相关;二、独立董事比例与公司绩效负相关;三、董事会会议频率不影响公司EVA;四、中国证监会于2001年8月发布的《关于在上市公司建立独立董事制度的指导意见》确实增强了独立董事的作用。五、CEO兼任董事长降低公司绩效,而CEO兼任董事不影响公司绩效。This paper studies the relationship between the characteristics of board of directors and firm performance. Using ROE, EPS and EVA as measures of firm performance, the paper finds some interesting results in the sample of 396 companies listed on the Shanghai Stock Exchange during the period 1999 - 2002. Firstly, small boards are associated with higher EPS and EVA but lower ROE. Secondly, there is a negative relation between the proportion of independent directors and firm performance. Thirdly, the annual number of board meeting is not related to EVA. Fourthly, China Securities Regulatory Commission promulgated a regulation requiring listed company to introduce independent directors in 2001. This paper present evidence that this policy strengthens' the relationship between independent directors and firm performance. At last, CEO duality is associated with lower EVA but higher ROE and EPS, and CEO serving in boardroom has no effect on ROE and EVA.