CAJ | 학술논문

分析了危机前后生物医药行业股权结构,董事会独立性与企业绩效情况,认为股权制衡与股权集中对企业绩效的增长均具有促进作用,但是相对于危机之前的环境来说,在危机发生后股权制衡对企业绩效促进作用的显著性增大,作用力度也增强;而股权集中对企业绩效促进作用的显著性降低,作用力度也减弱。独立董事比例与企业绩效呈负相关,但在危机之前该作用不显著,在危机发生后,该负向作用才变得显著。
분석료위궤전후생물의약행업고권결구,동사회독립성여기업적효정황,인위고권제형여고권집중대기업적효적증장균구유촉진작용,단시상대우위궤지전적배경래설,재위궤발생후고권제형대기업적효촉진작용적현저성증대,작용력도야증강;이고권집중대기업적효촉진작용적현저성강저,작용력도야감약。독립동사비례여기업적효정부상관,단재위궤지전해작용불현저,재위궤발생후,해부향작용재변득현저。
The different influence of equity structure and board independence of bio- pharmaceutical industry on corporate performance is investigated in pre-financial crisis and post-financial crisis environment. The empirical results indicate that both equity concentration and balance promote corporate performances. It is found that equity balance＇s promotion on corporate performances is more significant and stronger, and equity concentration＇s promotion on corporate performances is less significant and weaker in post- financial crisis environment than in pre-financial crisis environment. The proportion of independent directors and corporate performance is negatively related, and in the crisis, the negative effects become more significant.