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本文以1995-2005年沪深两市8923个A股上市公司的样本作为对象,实证研究了公司所有权类型、所在地区市场化的程度、制度变迁与董事的专业性、政治关联性的关系。研究发现,当上市公司为国有企业时,董事会中有政治关联的董事较多,但有专业知识的董事较少。如果上市公司处在市场化程度较高的地区时,董事会成员中有政治关联的董事较少,有专业知识的董事较多。随时间的变动和制度变迁,有专业知识的董事数有所增加,但有政治关联的董事人数也同时增加。本文的研究在丰富了公司治理文献的同时,对于了解影响我国董事会构成的因素提供了重要的实证证据。
Based on the sample of 8923 A-share listed companies in Shanghai and Shenzhen from 1995 to 2005, this paper empirically studies the relationship between the types of ownership of the company, the degree of marketization in the region, the institutional changes, the professionalism of the directors and the political relevance. The study found that when listed companies are state-owned enterprises, there are more directors with political connections on the board, but fewer directors have specialized knowledge. If the listed company is in a more market-oriented area, there are fewer board members with political connections and more directors with specialized knowledge. Over time, institutional changes have led to an increase in the number of directors with specialized knowledge, while the number of politically connected directors has increased at the same time. The research in this paper enriches the corporate governance literature and provides important empirical evidence for understanding the factors that affect the composition of the board of directors in our country.