董事会效用，股权结构与公司业绩——基于A股上市公司的经验证据

Board Effectiveness, Shareholding Structure and Company Performance—Empirical Evidence Based on A-Share Listed Companies

摘要: 本文同时采用董事会有效性和所有权结构两个变量来衡量其对公司业绩的影响，并从中国A股市场选取2684家上市非金融类公司(剔除ST类的公司)。董事会的有效性由独立董事，董事会会议频率，董事会规模和CEO身份的双重性衡量，而股权结构则由股权集中度，管理层持股衡量，公司业绩则是由ROE衡量。回归模型结果表明股权集中度、管理层持股、CEO身份的双重性对公司业绩显著的积极影响。研究结果对监管部门与企业的董事和股东有重要的启示作用。

Abstract: This paper used two variables of board effectiveness and ownership structure to measure its impact on company performance and selected 2684 listed non-financial companies from China's A-share market, excluding ST-type companies. The effectiveness of the board of directors is measured by independent directors, board meetings frequency, board size and the duality of CEO status. The shareholding structure is measured by equity concentration, management shareholding. And company performance is measured by ROE. The regression model results show that equity concentration, management shareholding, and the duality of CEO status have a significant positive impact on company performance. The findings have important implications for regulators and corporate directors and shareholders.