股权性质、连锁董事与公司绩效

摘要

以2005~2012年中国上市公司为样本构建面板数据，研究在不同股权结构的公司中连锁董事对公司绩效的影响，结果发现：连锁董事在董事会中所占比例与公司绩效呈正相关；具有丰富社会资源与经验的连锁董事在国有股权比例高的企业可带来较高的边际效应；国有股权所占比例高的企业，连锁董事在董事会中所占比例越高。%Panel data of 992 Chinese listed companies from 2005 to 2012 are used to study the relationship between interlocking directorate and financial performance in enterprises with differ-ent ownership structure.Evidence show that:the proportion of interlocking directorate on the board is positively correlated with financial performance;interlocking directorate with rich expe-rience and social resources tends to a higher state-owned enterprise and bring a higher marginal effect to it;the higher state-owned shareholding rate an enterprise holds,the higher the propor-tion of interlocking director on the board is.