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The Relationship between Board Characteristics and Corporate Performance in Listed China Companies

Author: ShenXinJi
Tutor: ZhuZeShan
School: Southwest China Normal
Course: Political Economics
Keywords: Corporate Governance Board Characteristics Enterprise Performance
CLC: F276.6
Type: Master's thesis
Year: 2005
Downloads: 471
Quote: 5
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Abstract


The modern enterprise system, the Board's role in corporate governance and corporate governance to play its part in relation to other company system is better able to play a role in the center of the issues and an important guarantee for the past half-century, the Board also Finance has been a focus of research. As a new governance mechanism, the Board of Directors of listed companies in the governance efficiency and whether they effectively play its due role in it? Present study analyzes the status of the board of directors of listed companies, and from the board size, outside directors ratio, proportion of independent directors, the proportion of inside directors, the annual number of meetings, board members stake, the two roles of chairman and general manager of the Board of Directors to set conditions and other characteristics of the departure board of directors of listed companies on the effectiveness of the theoretical research and empirical analysis . Papers selected January 1, 2003 in Shanghai Stock Exchange 616 samples for the study of the basic sample. First, the company's Board of Directors on the sample characteristics are descriptive statistical analysis, the Board found that the scale of China's listed companies, compared with foreign companies a bit too large, and there are close to 20% of the sample is an even number of directors of the Company; just a little more than half of the independent directors scale to meet the new \; Board members holding more than a big increase, but the ratio is still more than 1.5%, and there is a very small part of the independent directors also hold a small stake. In this paper, ROE, EPS, Tobin's Q value of the three indicators to measure corporate performance, using ordinary least squares regression model to study the board characteristics and the relationship between corporate performance, the results showed that: the board size and corporate the relationship between the performance of the quadratic curve; proportion of independent directors and corporate performance does not exist between significant correlation; Managing Director of the proportion of negative correlation with corporate performance; two functional unity and firm performance positively correlated; Board meeting frequency and firm performance negative correlation; board member ownership and corporate performance a quadratic relationship. These results indicate that the system board of directors of listed companies is still imperfect, and its role in corporate governance little more board is just a \Based on the above conclusions, we further improve our board of directors proposed system, improve the effectiveness of the Board a number of policy recommendations.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
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