CAJ | 학술논문

文章从公司内部治理论出发，在公司规模和董事会规模存在差异的情况下，运用门槛面板模型对民营上市公司董事会治理与企业成长性的关系进行了实证研究。本研究基于2004－2013年的民营上市公司数据库，对董事会治理与企业成长性进行了门槛面板回归分析，结果表明，民营上市公司董事会治理与企业成长性会因为公司规模差异而呈现出显著的门槛效应，表现为当企业规模较小时，两者关系负相关，而当企业规模较大时，二者负相关的程度有所减弱。同理，在董事会规模存在差异时，董事会治理与企业成长性也会存在一定的门槛效应。修正了原来基于西方成熟市场经济国家的董事会治理理论，在全面深化改革背景下提出了民营企业应基于具体规模采用不同的成长战略的策略思考。
문장종공사내부치이론출발，재공사규모화동사회규모존재차이적정황하，운용문함면판모형대민영상시공사동사회치리여기업성장성적관계진행료실증연구。본연구기우2004－2013년적민영상시공사수거고，대동사회치리여기업성장성진행료문함면판회귀분석，결과표명，민영상시공사동사회치리여기업성장성회인위공사규모차이이정현출현저적문함효응，표현위당기업규모교소시，량자관계부상관，이당기업규모교대시，이자부상관적정도유소감약。동리，재동사회규모존재차이시，동사회치리여기업성장성야회존재일정적문함효응。수정료원래기우서방성숙시장경제국가적동사회치리이론，재전면심화개혁배경하제출료민영기업응기우구체규모채용불동적성장전략적책략사고。
Viewed from the company's internal governance theory, the paper conducts an empirical study on the panel threshold model for the relationship between the use of the board of directors of private corporate governance and business growth when there is a difference in the case of company size and the size of the board. Based on 2004-2013 database of private listed companies, a threshold panel regression analysis for the corporate governance and business growth is conducted in the paper and the results show that the board of private listed companies governance and business growth will show significant threshold effect because of the size of the company. When the size of the enterprise becomes smaller, there is a negative correlation between the two factors and the firm size becomes larger, the degree of the negative correlation between the two tends to be weakened. Similarly, when there is a difference in the size of companies, the board governance and the business growth also show the threshold effect. The results of the study amended the original theory of governance based on the mature western market economy countries and under the overall background of deepening reform, the paper proposed that private enterprises should adopt different growth strategies according to the different size of the companies.