论文部分内容阅读
本文旨在研究我国A股上市公司的董事会治理结构演进及独立董事制度变革的政策效果,结果发现,1999-2006年我国上市公司董事会治理合规性表现日趋明显。进一步按照独立董事治理变革意愿,将2000年底1059家上市公司分为“业已调整组”、“积极调整组”、“较积极调整组”、“勉强达标组”、“拒不调整组”等5组并对比其绩效,实证结果表明:积极实行独立董事制度变革的公司其董事薪酬更高;从流通市场的平均收益率、资产收益率和市值与面值比等3个绩效指标的综合表现来看,不同样本组的市场表现差异导致了独立董事制度变革的遵循意愿选择,而变革本身并没有带来相应的绩效显著改善。
The purpose of this paper is to study the evolution of the governance structure of the A-share listed companies in China and the effect of the reform of the independent director system. The results show that the compliance performance of the governance of listed companies in our country has become more and more obvious from 1999 to 2006. According to the willingness of the independent directors to manage the change, 1059 listed companies at the end of 2000 were divided into “adjusted group”, “positive adjustment group”, “more active adjustment group”, “barely qualified group” The results of the empirical results show that: the directors who actively implement the reform of independent director system have higher remuneration; the average return rate, return on assets and market value to face value ratio And other three performance indicators of the comprehensive performance point of view, the differences in market performance of different sample groups led to the change of the independent director system to follow the will to choose, but the change itself did not bring significant improvement in the corresponding performance.