摘要
以中小企业板2004～2009年数据为基础,分析了中小上市企业董事会结构、股权结构与绩效之间的关系。实证结果表明,中小上市企业的董事会结构、股权结构与绩效之间的内生性特征不显著。董事会规模对Tobin’Q具有负向影响,对总资产收益率无显著影响。CEO双重性对Tobin’Q和总资产收益率分别具有负向影响和正向影响。董事会独立性对总资产收益率具有负向影响,对Tobin’Q无显著影响,表明独立董事在中小上市企业中并未起到有效的监督作用。Tobin’Q和股权集中度之间呈现显著的倒W形关系,但总资产收益率和股权集中度之间无显著相关性。Tobin’Q和总资产收益率与管理层持股之间均呈现显著的N形关系。
Based on a sample of listed small and medium-sized enterprises（SMEs） in China during the period 2004-2009,this paper investigated the impact on firm performance from board composition and ownership structure.The result showed that there was no evidence that board composition and ownership structure of listed SMEs were endogenous.The strong negative relation existed between Tobin＇Q and board size,while there was no statistically significant relationship between ROA and board size.CEO duality remained negative influence on Tobin＇Q,and positive influence on ROA.Board independence had negative influence on ROA,and no significant influence on Tobin＇Q,which meant the independent directors didn＇t play effective controlling role in listed SMEs in China.There was inverse W-shaped relationship between Tobin＇Q and ownership concentration,while there was no statistically significant relationship between ROA and ownership concentration.Tobin＇Q and ROA both significantly showed N-shaped relationship.
出处
《广东金融学院学报》
CSSCI
北大核心
2011年第3期16-33,共18页
Journal of Guangdong University of Finance
基金
国家自然科学基金项目(71002104)
天津滨海新区科技特派员科技专项课题(SB20080097)
天津大学资助创新基金项目
关键词
中小企业
董事会结构
股权结构
企业绩效
small and medium-sized enterpirses
board compostion
ownership structure
firm performance
