CAJ | 학술논문

两类上市公司的董事会制度建设均随时间推移而有显著的改善，中小企业板上市公司设置了轻巧型的董事会，因而有助于减低代理成本；由于制度约束，中小企业板块上市公司董事长效激励好于主板上市公司，有助于实现剩余控制权与剩余索取权的匹配以及企业长期价值的培育；与中小企业板块上市公司多数为民营企业有关，独立性较差，董事长与总经理两职兼任程度较高，这有助于快速决策，但不利于制衡；中小企业板块上市公司更加重视审计委员会制度的建设，但其他专业委员会的建设则不如主板上市公司。
량류상시공사적동사회제도건설균수시간추이이유현저적개선，중소기업판상시공사설치료경교형적동사회，인이유조우감저대리성본；유우제도약속，중소기업판괴상시공사동사장효격려호우주판상시공사，유조우실현잉여공제권여잉여색취권적필배이급기업장기개치적배육；여중소기업판괴상시공사다수위민영기업유관，독립성교차，동사장여총경리량직겸임정도교고，저유조우쾌속결책，단불리우제형；중소기업판괴상시공사경가중시심계위원회제도적건설，단기타전업위원회적건설칙불여주판상시공사。
The construction of board system of two Chinese types listed companies is significantly improved in resent years but still in the low--level stage. Listed companies are generally meet with the requirements of institutional constraints, but no spontaneous. The SME listed companies set up a light-- based board of directors which is helpful to reduce agency costs. Because of the institutional constraints, the efficiency of long--term incentives of the board of SME listed companies is better than that of the Main listed companies and it is benefit to match the control of residual rights with the claim of residual as well as the cultivation of long--term value. The independence of the board is worse because most of SME listed companies are private companies, the dual leadership structure of SME listed companies is good for rapid decision--making, but not in favor of checks and balances. SME listed companies pay more attention to the construction of the system of audit committee, while the construction of other committees are worse than the Main listed companies.