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首页> 外文期刊>International Review of Financial Analysis >Board independence, ownership concentration and corporate performance-Chinese evidence
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Board independence, ownership concentration and corporate performance-Chinese evidence

机译：董事会独立性，股权集中度和公司绩效-中国证据

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摘要

This paper exploits two sequential exogenous regulatory reforms in China (2001 board independence and 2005 share restructure) to study the incremental effect of the board independence on firm performance as ownership concentration declines. We examine this effect in the 2003-2008 period when independent directors' ratio was relatively stable but ownership concentration declined significantly among Chinese publicly listed firms. We find that the impact of board independence on firm performance increases as ownership concentration declines but this effect varies by the types of ownership. Private-controlled firms exhibit statistically and economically significant positive board effectiveness, whereas state-controlled firms have insignificant effects, irrespective of whether they are state or locally controlled. The results are robust to a battery of endogeneity checks and are stronger with market-based (Tobin's Q) performance measure compared to accounting-based measure (ROA). Our results support the notion that high ownership concentration has a moderating influence on board effectiveness but the effect also depends on ownership types and the country's institutional environment. (C) 2015 Elsevier Inc. All rights reserved.
机译：本文利用中国连续两次外部监管改革（2001年董事会独立性和2005年股权结构调整）研究了随着股权集中度的下降，董事会独立性对公司绩效的增量影响。我们在2003年至2008年期间研究了这种影响，当时中国独立上市公司的独立董事比率相对稳定，但股权集中度显着下降。我们发现，随着所有权集中度的降低，董事会独立性对公司绩效的影响增加，但是这种影响因所有权类型而异。私营控股公司在统计上和经济上均显示出积极的董事会有效性，而国有控股公司则不管其是国有控股还是地方控股，其影响均微乎其微。与基于会计的衡量标准（ROA）相比，该结果对于一系列内生性检查是可靠的，并且基于市场的（Tobin's Q）绩效衡量标准更强。我们的结果支持以下观点：所有权高度集中会对董事会有效性产生适度影响，但这种影响还取决于所有权类型和国家的制度环境。 （C）2015 Elsevier Inc.保留所有权利。

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