建筑业公司董事会规模、独立性与公司绩效研究.pdf

摘 要 随着现代企业制度的深入推进,董事会的规模和独立性与公司绩效之间的 关系引起理论界和实践界的高度关注,成为公司治理设计与改革的焦点。是否 存在一个最优的公司董事会规模,董事会的独立性是否越独立越好,这是我们 要回答的问题。文章对国内外最佳经验和理论成果进行了探讨,以我国建筑业 上市公司为样本,对董事会规模与公司绩效的关系,董事会独立性与公司绩效 的关系,分别进行了实证研究。研究表明:在我国建筑业企业中,存在一个9~ 11人的相对最优董事会规模,董事会规模与公司资产规模正相关,而规模偏小 的董事会在绩效改进方面效率更高;改善董事会独立性对公司绩效改进有积极 作用,但董事会独立性应该适度,且可以根据股权集中度的不同,选取相应的 “黄金分割点”。而用某建筑公司董事会改革的案例与实证研究结论进行契合 度分析,则弥补了数据实证在研究董事会实际运行独立性方面的不足,也为董 事会设计与改革提供了借鉴。 关键词:公司治理;董事会规模;董事会独立性;建筑业;实证研究1Abstrat With the advancement of modern enterprise system, the relationship between the scale and independence of board of director and the company performance has attracted high attention in the field of theory and practice, and has become the focus of corporate governance and reformation. We need to answer the question that whether there is a best scale of board of director, whether it is better for board of director to be independent. This article probes the best experience and theory achievements at home and abroad, on the basis of listed companies of building industry in China, and investigates the relationship between the scale and independence of board of director and the company performance. Studies have shown: In the companies of building industry in China, there is a best scale of board of director including about 9-11 members. The scale of board of director is positive correlated with company’s assets scale. Small scale board of director can be more efficient in the aspect of performance improvement. Improve the independence of board of director can procure positive effects on performance improvement. But the independence of board of director should be moderate.We can choose relevant golden section point on the basis of the level of interest concentration. By analyzing the cases of reformation of board of director and empirical study results can make complete the weakness of empirical data in the aspect of independence of board of director, and can also give some suggestions for the design and reformation o