国有上市公司董事会非正式层级与财务绩效关系的研究

摘要

在公司董事会中，始终存在着一股隐性力量影响董事会的决策结果，进而影响公司的财务绩效。已有研究大多以董事会正式结构或人口统计学特征为切入点，本研究区别于其他学者的关注点，基于董事会非正式层级视角，引入基尼系数模型对董事会非正式层级清晰度进行量化，并以国有上市公司为样本进行实证研究，研究发现：董事会非正式层级的清晰度越高，越有利于提升公司的财务绩效，但是董事会非正式层级清晰度对公司财务绩效的边际促进作用会减少。%In the board, there is always an invisible power influencing the decisions of the board and then affecting finan-cial performances. Some scholars have done the research of the relationship between the board formal structure or the demo-graphics of directors and the company performance. The paper chooses state-owned enterprises as samples and studies the re-lationship between the board informal hierarchy definition measured by the Gini coefficient and financial performance. The re-sults indicate: the board informal hierarchy can promote financial performance positively, but the marginal effect of the board informal hierarchy on financial performance decreases.