CAJ | 학술논문

以2005~2012年中国上市公司为样本构建面板数据，研究在不同股权结构的公司中连锁董事对公司绩效的影响，结果发现：连锁董事在董事会中所占比例与公司绩效呈正相关；具有丰富社会资源与经验的连锁董事在国有股权比例高的企业可带来较高的边际效应；国有股权所占比例高的企业，连锁董事在董事会中所占比例越高。
이2005~2012년중국상시공사위양본구건면판수거，연구재불동고권결구적공사중련쇄동사대공사적효적영향，결과발현：련쇄동사재동사회중소점비례여공사적효정정상관；구유봉부사회자원여경험적련쇄동사재국유고권비례고적기업가대래교고적변제효응；국유고권소점비례고적기업，련쇄동사재동사회중소점비례월고。
Panel data of 992 Chinese listed companies from 2005 to 2012 are used to study the relationship between interlocking directorate and financial performance in enterprises with differ-ent ownership structure.Evidence show that:the proportion of interlocking directorate on the board is positively correlated with financial performance;interlocking directorate with rich expe-rience and social resources tends to a higher state-owned enterprise and bring a higher marginal effect to it;the higher state-owned shareholding rate an enterprise holds,the higher the propor-tion of interlocking director on the board is.