CAJ | 학술논문

基于2004年～2006年中国A股上市公司数据,综合检验管理层、积极股东、机构投资者、公司特质、外在产品市场竞争、股权转让和流通市场特征、公司所在地市场化进程等7个方面共计43个指标对16项董事会治理结构指标的影响。通过主成分分析方法实现董事会治理结构影响因素合成,描述性统计研究发现上述各方面影响因子在样本年度内逐年完善,表明董事会治理的基础条件逐步成熟;运用单方程回归并结合多元回归和似不相关回归做稳健性检验,结果发现管理层因子、积极股东治理因子和公司特质因子对董事会治理影响最大,而董事长离任、前三名董事薪酬总额、董事会规模、董事平均年龄、前三名董事薪酬占比、未领取薪酬董事人数占比等6项董事会治理特征指标受到的影响最大;在所有16项董事会治理特征指标中,仅有独立董事比例与所有影响因子之间均无显著相关性,说明2001年～2003年推行的独立董事治理改革仅限于公司满足＂合规＂需要。
기우2004년～2006년중국A고상시공사수거,종합검험관리층、적겁고동、궤구투자자、공사특질、외재산품시장경쟁、고권전양화류통시장특정、공사소재지시장화진정등7개방면공계43개지표대16항동사회치리결구지표적영향。통과주성분분석방법실현동사회치리결구영향인소합성,묘술성통계연구발현상술각방면영향인자재양본년도내축년완선,표명동사회치리적기출조건축보성숙;운용단방정회귀병결합다원회귀화사불상관회귀주은건성검험,결과발현관리층인자、적겁고동치리인자화공사특질인자대동사회치리영향최대,이동사장리임、전삼명동사신수총액、동사회규모、동사평균년령、전삼명동사신수점비、미령취신수동사인수점비등6항동사회치리특정지표수도적영향최대;재소유16항동사회치리특정지표중,부유독립동사비례여소유영향인자지간균무현저상관성,설명2001년～2003년추행적독립동사치리개혁부한우공사만족＂합규＂수요。
43 indices of 7 aspects measuring factors impacting board governance structure were designed,that is,factor of management,shareholder,institutional investor,corporate idiosyncrasy,product competition,share-transfer and liquid market,and local process of marketization,etc.With data of Chinese A-share stock market from 2004 to 2006,impact of these factors on 16 indices of board governance structure was tested,and results are as follows： Firstly,with the principal component method,factors are made up of indices,and empirical tests show the gradual improvement of foundations of board governance.Secondly,with single equation regression and multivariate regression or seemingly unrelated regression for robust test,outcomes show that factors of management,active shareholder,and corporate idiosyncrasy impact more on board governance;the leave of chairman,total salary of top 3 directors,board scale,the average age of directors,ratio of total salary of top 3 directors,and number of no-paid directors are influenced more by contrast.Thirdly,only ratio of independent directors has no correlation with all 7 impacting factors,which indicates the invalidation of board governance reform from 2001 to 2003.