CAJ | 학술논문

本文从权力循环理论出发,以2005—2006年沪深民营上市公司作为样本,实证检验CEO权力对董事会独立性与公司绩效关系的影响。实证结果显示,CEO兼任董事长在董事会独立性与公司绩效关系中起正向调节作用,即CEO兼任董事长时,董事会独立性与公司绩效的正相关关系更强;CEO持股比例在董事会独立性与公司绩效关系中起负向调节作用,即CEO持股比例较低时,董事会独立性与公司绩效的负相关关系更强。
본문종권력순배이론출발,이2005—2006년호심민영상시공사작위양본,실증검험CEO권력대동사회독립성여공사적효관계적영향。실증결과현시,CEO겸임동사장재동사회독립성여공사적효관계중기정향조절작용,즉CEO겸임동사장시,동사회독립성여공사적효적정상관관계경강;CEO지고비례재동사회독립성여공사적효관계중기부향조절작용,즉CEO지고비례교저시,동사회독립성여공사적효적부상관관계경강。
s：Drawing on the perspective of the power circulation,this paper using a sample of Chinese private listed companies in 2005—2006 and empirically studies the moderating effect of CEO power on the relationship between board independence and corporate performance,The results show that（1） CEO duality positively moderates the board independence-corporate performance relationship,which is under duality,there is a positive relationship between board independence and corporate performance;（2） CEO ownership negatively moderates the board independence-corporate performance relationship,which is the less CEO ownership,the more negative the relationship between board independence and corporate performance.