论文部分内容阅读
董事会规模、董事长和总经理两职分离与公司业绩的关系是国内外公司治理研究的重要内容之一。本文利用2002年以前在深沪两地上市交易的1181家上市公司的2002～2004年连续3年数据,分析了上市公司董事会规模、董事长和总经理两职分离与公司业绩之间的关系。初步的实证研究发现:第一大股东为国有股的上市公司意味着更大的董事会规模以及更高的两职分离比例,而这两个治理特征又意味着更高的公司业绩。
The size of the board of directors, the separation between the two roles of the chairman and the general manager and the performance of the company are one of the important contents of corporate governance research at home and abroad. This article uses the data of 1181 listed companies traded in Shanghai and Shanghai before 2002 for three consecutive years from 2002 to 2004 and analyzes the relationship between the separation of the two posts of the board of directors and the general manager and the performance of the listed company. The preliminary empirical study found that: the largest shareholder of state-owned shares of listed companies means a larger board size and a higher proportion of two-person separation, and these two governance characteristics in turn means higher corporate performance.