经济管理
經濟管理
경제관리
Economic Management Journal（EMJ）
2009年
2期
120~125
,共null页
董事会规模 绩效波动 沟通协调问题 代理问题 整合分析
董事會規模 績效波動 溝通協調問題 代理問題 整閤分析
동사회규모 적효파동 구통협조문제 대리문제 정합분석
size of director board ; performance variability; communication and coordination problem ; agency problem ;Integrative analysis
本文利用2002-2007年间127家家族上市公司和818家非家族上市公司的数据研究了董事会规模同绩效波动性之间的关系。研究发现，我国家族上市公司中董事会规模的增大有利于减少公司财务业绩的波动；这种负相关关系与由于沟通协调问题所导致的大型董事会较少做出极端决策的观点相吻合；董事会规模影响绩效波动的途径在一定程度上是由于拥有较大规模董事会的公司经营性操控应计的变动较小所致。
本文利用2002-2007年間127傢傢族上市公司和818傢非傢族上市公司的數據研究瞭董事會規模同績效波動性之間的關繫。研究髮現，我國傢族上市公司中董事會規模的增大有利于減少公司財務業績的波動；這種負相關關繫與由于溝通協調問題所導緻的大型董事會較少做齣極耑決策的觀點相吻閤；董事會規模影響績效波動的途徑在一定程度上是由于擁有較大規模董事會的公司經營性操控應計的變動較小所緻。
본문이용2002-2007년간127가가족상시공사화818가비가족상시공사적수거연구료동사회규모동적효파동성지간적관계。연구발현，아국가족상시공사중동사회규모적증대유리우감소공사재무업적적파동；저충부상관관계여유우구통협조문제소도치적대형동사회교소주출겁단결책적관점상문합；동사회규모영향적효파동적도경재일정정도상시유우옹유교대규모동사회적공사경영성조공응계적변동교소소치。
Using the data of 2002--2007 listed companies controlled by the family in China this study provides empirical evidence that firms with larger boards have lower variability of corporate performance. The results indicate that board size is negatively associated with the variability of annual accounting return on assets. The results are consistent with the view that it takes more compromises for a larger board to reach consensus, and consequently, decisions of larger boards are less extreme, leading to less variable corporate performance. At the same time, we find that hat board size is negatively associated with the variability of the operating discretionary accruals, which further reduce the variability of the corporate performance.
