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本文以深沪两市883家上市公司为样本,采用股权分置改革前的2003~2005年公开数据,对股权结构与董事会特征进行了分析。结果显示:股权集中度与董事会规模呈U型二次非线性关系;国有股比例与董事会规模正相关,法人股比例和高管持股比例与董事会规模负相关;股权集中度、国有股比例对董事会中独立董事比例有负面影响,法人股比例则与其正相关。股权集中度与董事会会议次数负相关;国有股比例与两职合一性正相关,而法人股比例与其负相关。这些研究结果表明,股权分置改革之前,我国上市公司的股权结构并不利于公司的健康发展,进行股权分置改革、调整股权结构对于完善公司治理、提高公司治理效率具有现实必要性。
This paper takes 883 listed companies in Shenzhen and Shanghai as samples, analyzes the ownership structure and the characteristics of the board of directors with public data from 2003 to 2005 before the share reform. The results show that the concentration of ownership and the size of the board of directors are U-shaped quadratic nonlinear relationship; the proportion of state-owned shares is positively correlated with the size of the board of directors; the proportion of legal person shares and the proportion of executives holding shares are negatively related to the size of the board of directors; The proportion of directors has a negative impact, while the proportion of legal person shares is positively correlated with it. The degree of ownership concentration is negatively correlated with the number of board meetings. The proportion of state-owned shares is positively correlated with the two-person combination, while the proportion of corporate shares is negatively correlated with the number of board meetings. These results show that before the share-trading reform, the ownership structure of listed companies in our country is not conducive to the healthy development of the company. To carry out the split share structure reform and adjust the ownership structure are necessary for improving corporate governance and improving corporate governance efficiency.