中文摘要：

在董事会与公司绩效关系的研究中,以往文献大都先验地把董事会结构作为外生变量来处理,并认为二者之间是一种静态关系。本文以我国1999—2008年间沪、深两市509家上市公司为研究对象,在动态面板数据模型中控制住内生性问题的影响后发现：在当期,董事会独立性对公司绩效无明显的促进效应,不过绩效对董事会独立性却呈现出显著的反馈效应;董事会独立性与绩效之间存在着跨期联系,独立董事比重的提升虽不必然导致绩效的提高,但绩效的提高却导致了董事会独立性的下降;董事会独立性的增加对绩效的影响从短期来看有负面的倾向,从长期来看表现的是正面性;无论是长期还是在短期,董事会规模与绩效均无显著关联。

英文摘要：

On the study of corporate governance,most previous literatures deem prior the structure of the board as exogenous variables to deal with and believe there exists a static relationship between the board and corporate performance.In this paper,we take China’s 509 listed companies of Shanghai and Shenzhen during 1999—2008 as the research object,after controlling the effect of past performance,simultaneity,as well as unobservable heterogeneity in the use of dynamic panel GMM model,we found： ① Current board independence lacks obvious interacting effects on corporate performance,but the performance has a significant feedback effects on board independence.② There exists intertemporal relationship between board independence and performance.The increase in the proportion of independent directors doesn’t necessarily lead to the improvement of performance,but performance improvement helps to the decline in the independence of the board.③In the short term,there has a tendency that the role of board independence exerts a negative impact on performance,but,in the long run,it demonstrates a positive nature.Both of them are not statistically significant.④Whether currently or in the interperiod,board size and performance are not significantly correlated.