多元化战略对董事会结构的影响

摘要

The corporate board is the most important internal governance mechanism, and the structure of the board has great influence on corporate performance and behavior. So it is significant to investigate the factors influencing the structure of board. From the view of the theory, the diversification strategies will affect the choice of the size of the board and the inde-pendence of the board, but the direction of the influence is uncertain. Based on China manufacturing listing Corporations 2009-2011 data, the empirical study finds that international diversification strategy and industrial diversification strategy have negative impact on the board size, but statistically not significant; at the same time, international diversification strategy signif-icantly increases the proportion of the independent directors, and industrial diversification strategy significantly reduces the proportion of the independent directors. Different effects on the proportion of the independent directors can partly explain why the international diversification strategy and industrial diversification strategy have different effects on corporate performance.%公司董事会是公司最重要的内部治理机制，董事会结构对企业绩效和行为具有多方面的影响，探讨董事会结构的影响因素具有重要意义。从理论上看，多元化战略会影响董事会规模和董事会独立性的选择，但影响的方向不确定。基于中国制造业上市公司2009—2011年数据的实证研究发现，国际多元化战略和行业多元化战略都对董事会规模有负向影响，但统计上不显著；国际多元化战略显著提高了独立董事比例，而行业多元化战略显著降低了独立董事比例。对独立董事比例的不同影响可以部分解释国际多元化战略和行业多元化战略为什么对企业绩效存在不同的影响。