在优化中国上市公司董事会治理评价指标体系的基础上,对上市公司董事会治理状况进行指数化评价,并对董事会治理评价指数及其与公司绩效的关系进行实证分析。实证结果显示,董事会治理质量趋于改善,独立性有所增强,但整体治理指数仍然较低;行业因素、控股股东性质对董事会治理产生重要影响,即行业的竞争性越强董事会治理质量越高,当控股股东为职工持股会和民营企业时董事会治理指数较高;不同董事会治理机制间存在替代效应,董事会治理水平的提高对公司绩效产生显著的正向效应,由于替代效应的存在,单一董事会治理机制与公司绩效间的关系缺乏显著性和一致性,但作为一个整体,董事会治理质量的改善显著地提高公司绩效。据此提出改善中国上市公司董事会治理的政策建议。
Based on the optimized indexes of evaluation system, this paper evaluates the situation of board governance of listed companies, and makes some empirical analysis on the relation between indexes of evaluation and firm performance. The results show that the board governance has achieved some quality improvements and reinforced independence, but its whole evaluation index is still at low level; The industry and holding shareholder have a certain effect on the board governance, that is, the more competitive the industry is, the higher governance quality the board achieves, meanwhile the evaluation index is higher when worker's share congress and private enterprise act as the controlling shareholder; The board governance has positive effects on firm performance, but because there exists substitution effect among different governance mechanisms, the relation between the single mechanism and firm performance is short of significance and consistency. As a whole, however, the prefect of governance quality of board can obviously advance firm performance. The implications of these results can sever as policy advice for improving board governance of listed companies in China.