国有控股上市公司董事会非正式层级与绩效关系研究

发布时间：2018-08-31 16:29

【摘要】：随着公司治理相关研究的逐渐深入,相关学者发现只是局限于从董事会的外在特征出发来研究董事会与公司绩效之间的关系已经不能得出令人满意的结论。我们在现实生活中会看到两个拥有极其相似的董事会的公司却取得完全不同的公司绩效,所以在考虑董事会特征与运作对公司绩效的影响时,已经不能单纯的从董事会的表征出发,而需要考虑深藏于董事会内部的那种潜在的因素。本文借鉴前期学者的研究,综合社会学和心理学的相关知识,从董事会组织中非正式的层级关系出发,进一步研究董事会与公司绩效之间的关系。首先,本文通过建立董事会中低层级董事和高层级董事之间的博弈模型,在理论上证明了董事为了达到自身利益最大化趋向于低层级董事会选择在决策时遵从高层级董事的意见,高层级董事也会选择接受低层级董事的遵从。其次,文中对董事会非正式层级清晰度的衡量,选择借鉴He、李维安等人的方法,同时进一步完善董事权威的衡量体系,利用基尼系数量化董事会非正式层级的清晰度。然后,本文为证明董事会非正式层级清晰度与公司绩效之间的关系,利用SPSS统计软件对董事会非正式层级清晰度与公司绩效进行回归分析,并将公司规模与业绩压力等调节变量加入回归分析过程。最后,本文通过替换因变量对董事会非正式层级清晰度与公司绩效之间的关系进行了稳健性分析,得出董事会非正式层级与公司绩效之间有着显著的正相关的关系,且公司规模与业绩压力等调节变量对董事会与公司绩效之间的正相关关系有着正向的调节作用。
[Abstract]:With the deepening of the research on corporate governance, relevant scholars find that the relationship between the board of directors and corporate performance can not be concluded satisfactorily only from the external characteristics of the board of directors. In real life, we will see two companies with very similar boards of directors achieving completely different corporate performance, so when considering the impact of board characteristics and operations on corporate performance, It is not only from the representation of the board of directors, but also needs to consider the potential factors that lie deep inside the board. Based on the previous research and the relevant knowledge of sociology and psychology, this paper further studies the relationship between board of directors and corporate performance from the informal hierarchical relationship in board organization. First of all, this paper establishes a game model between the middle and low level directors of the board of directors and the high-level directors. In theory, it is proved that the directors tend to follow the opinion of the high-level directors in order to maximize their own interests, and the high-level directors will also choose to accept the compliance of the lower-level directors. Secondly, the paper measures the definition of the informal level of the board of directors, chooses to learn from the method of He, Lee Weian, and further consummates the measurement system of the authority of the directors, and quantifies the clarity of the informal level of the board of directors by using the Gini coefficient. Then, in order to prove the relationship between the Board of Directors' informal hierarchy clarity and corporate performance, this paper uses SPSS statistical software to analyze the relationship between board informal hierarchy clarity and corporate performance. And the company size and performance pressure and other adjustment variables into the regression analysis process. Finally, by replacing the dependent variables, this paper makes a robust analysis of the relationship between the informal hierarchy of the board of directors and corporate performance, and concludes that there is a significant positive correlation between the informal level of the board of directors and corporate performance. And the positive correlation between the board of directors and corporate performance is positively regulated by regulating variables such as company size and performance pressure.
【学位授予单位】：济南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271

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