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中文摘要：
公司董事会结构与企业价值之间相关性研究是公司治理研究中的一个重要问题，由于民营上市公司具有两种典型的上市方式，使对董事会结构与企业价值关系的研究更具深入挖掘的潜力。以2002年～2004年沪深两市民营上市公司为样本，根据面板数据本身的特征严格选择适宜的回归方法建模，结果发现在全样本的民营上市公司中，独立董事比例与企业市场价值之间存在着显著的倒U型关系；分组研究发现，两者之间的这种倒U型关系只在通过兼并重组取得控股地位的民营上市公司中成立，而在家族控股上市的上市公司中并不存在；通过比较不同回归方法的回归结果发现，如果不注意控制面板数据本身可能存在的非观测因素的影响，得出的结论将是错误的。因此在对面板数据进行分析时，一定要审慎选择具体的回归方法，而不能简单的直接选择OLS方法。
英文摘要：
The research on relationship between board structure and firm value is one of the important elements in governance study. This is becoming more interesting when including the influence of the listing channel. This paper explores an empirical research on the relationship between board structure and firm value based on the data from 2002 to 2004 in Chinese listed companies ultimately controlled by private. The paper chooses the proper regress methodology according to the characteristics of the panel data and finds that there is a significant inverse U shape between the board independence and firm value in the whole sample and sub-sample which is listed by M ＆ A. But this connection doesn＇t exist in the sub-sample which ultimately controlled by the family. At the same time, the research concludes that false conclusions might be got if the influence of unobservable character in panel data is ignored during the methodology construct process. Therefore, regress method should be chosen carefully when analyzing the panel data, rather than choose OLS directly.
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