摘要
作为一项重要的治理机制,健全而高效的董事会可降低代理问题,是公司治理的核心。本文以我国新三板为代表的中小企业群这一视角,基于7248家新三板企业的69162名董事的简历信息,从其领导特质、性别特质、政治关联、专业背景以及学历背景等五个维度进行了大数据分析。基于Ordered Probit模型,实证检验董事个体特质与企业绩效之间的关系。结果表明,董事会成员的不同特质是影响新三板企业经营绩效的关键因素;董事领导特征为董事长与CEO两职合一、女性董事数量增多、董事拥有政治关联、董事拥有财会与金融相关领域工作经历、董事学历越高,新三板企业经营绩效提升的概率显著增加。本研究有助于揭示新三板企业董事个体特征中的关键影响变量对经营绩效的影响,为中小企业进行董事会结构优化以及市场对其进行经营绩效和投资价值判断提供实证研究证据。
As an important governance mechanism,a sound and efficient board of directors can reduce agency problems,which is the core of corporate governance.From the perspective of SMEs represented by the new OTC Market in China,based on the resume information of 69162 directors of 7248 new OTC Market Listed Companies,this paper makes a big data analysis from five dimensions:leadership trait,gender trait,political connection,professional background and educational background.Based on the Ordered Probit model,this paper empirically examines the relationship between individual characteristics of directors and corporate performance.The results show that the different characteristics of board members are the key factors affecting corporate performance.The directors’leadership characteristics are the combination of chairman and CEO,the increase of female directors,the political connection of directors,the work experience of directors in financial and accounting-related fields,and the higher the educational background of directors,the higher the probability of performance improvement of the new OTC Market Listed Companies is significantly increased.This study is helpful to reveal the impact of key influencing variables in the characteristics of directors of new OTC Market Listed Companies on business performance,and to provide empirical evidence for the optimization of board structure and business performance of small and medium-sized enterprises.
出处
《会计研究》
CSSCI
北大核心
2019年第11期49-55,共7页
Accounting Research
基金
国家社科基金项目(17BGL051)
北京市社科基金项目(18GLB017)
中央高校基本科研业务费专项资金资助项目(2019FR005)的资助.
关键词
董事特质
经营绩效
新三板
资源依赖理论
高阶理论
Director’s Characteristics
Business Performance
New OTC Market
Resource Dependence Theory
Upper Echelons Theory
