证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2013年
4期
45~49
,共null页
辛清泉 梁政山 郭磊
辛清泉 樑政山 郭磊
신청천 량정산 곽뢰
非控股股东 派驻董事 总经理变更 国有企业 公司治理
非控股股東 派駐董事 總經理變更 國有企業 公司治理
비공고고동 파주동사 총경리변경 국유기업 공사치리
non-controlling shareholder, stationed directors, CEO change, state-owned firms, corporate governance
非控股股东在董事会在派驻董事，是协调控股股东和非控股股东之间利益冲突的一条核心渠道。本文使用2003-201O年国有上市公司数据，实证研究发现，非控股股东在董事会中派驻董事显著增强了经理变更对企业业绩的敏感性，并且非控股股东在董事会中派驻董事比例越高，总经理变更对企业业绩的敏感性越强。研究还发现，独立董事比例、董事会规模、非控股股东持股比例并不影响经理变更对企业业绩的敏感性。本文从新的视角丰富了对董事会治理功能的研究。
非控股股東在董事會在派駐董事，是協調控股股東和非控股股東之間利益遲突的一條覈心渠道。本文使用2003-201O年國有上市公司數據，實證研究髮現，非控股股東在董事會中派駐董事顯著增彊瞭經理變更對企業業績的敏感性，併且非控股股東在董事會中派駐董事比例越高，總經理變更對企業業績的敏感性越彊。研究還髮現，獨立董事比例、董事會規模、非控股股東持股比例併不影響經理變更對企業業績的敏感性。本文從新的視角豐富瞭對董事會治理功能的研究。
비공고고동재동사회재파주동사，시협조공고고동화비공고고동지간이익충돌적일조핵심거도。본문사용2003-201O년국유상시공사수거，실증연구발현，비공고고동재동사회중파주동사현저증강료경리변경대기업업적적민감성，병차비공고고동재동사회중파주동사비례월고，총경리변경대기업업적적민감성월강。연구환발현，독립동사비례、동사회규모、비공고고동지고비례병불영향경리변경대기업업적적민감성。본문종신적시각봉부료대동사회치리공능적연구。
Directors accredited by non-controlling shareholders may play important roles in coordinating the conflict of interest among controlling shareholders and non-controlling shareholders. Using the data on state-owned listed firms during 2003-2010, we find that directors accredited by non-controlling shareholders significantly improve the association between CEO change and poor performance. Moreover, the higher ratio of directors accredited by non-controlling shareholders in the boardroom, the stronger association between CEO change and poor performance is. In contrast, no evidence shows that board size, the ratio of independent directors, and the percentage of share owned by non-controlling shareholders significantly improve the association between CEO change and poor performance. The paper contributes the literature on governance mechanism of board of directors from a new perspective.
