中国上市公司监事会规模和构成的影响因素

摘要

The theoretical analysis in the current paper makes clear that the size and composition of the su-pervisory board have endogenous relationship with the business risk.Using the simultaneous equations approach to control the endogenity,we empirically test determinants of the size and composition of the supervisory board. The research shows that operating scope of firms and monitoring benefits of the supervisory board do positive im-pact on the size and composition of the supervisory board,and that monitoring costs of the supervisory board and managerial power have negative influence on the size and composition of the supervisory board.Furthermore,the research finds that there is not statistical relationship between the size and composition of the supervisory and the business risk,which means that the supervisory board of listed companies fails to reduce the business risk effec-tively.It follows that China should strengthen the capacity construction of the supervisory board and promote the modernization of the corporate governance system.%理论分析表明，监事会规模及构成内生于公司风险。文章构建联立方程模型实证考察了监事会规模和构成的影响因素，在控制了内生性和制度因素影响后发现：公司经营范围、监督收益对监事会规模和职工监事比例有显著正向影响；监督成本、管理者权力对监事会规模和职工监事比例有显著负向影响。还发现：在控制了监事会规模和构成的影响因素后，监事会规模和职工监事比例与公司风险并没有统计意义上的相关性，表明监事会未能有效发挥降低公司风险的治理作用。因此，加强监事会能力建设，推进公司治理体系和治理能力现代化，仍将是中国公司治理改革努力的方向。