The Relationship Between Board Characteristics And Corporate Performance In Listed China Companies

As for modern enterprise system, board has been being a research focus of financial. As a new governance mechanism, its governance efficiency, wether or not it can develop effectively? its function which it should have been? Firstly, this research analyzes the present condition of listed company board in China. Then gives the theoritical research and experimental analyzes from the board characteristics such as board size, the proportion of independent director, the proportion of outside director, the proportion of inside director, board meeting frequency, the levels of board interlocks, duality.Paper chooses 616 listed companies as the basic samples which fistly gives descriptive statistics analyzes, finds that the board size in China is greater than that of the abroad. And the board member is even number in about 20% samples; Just a little more than a half company where the rates of independent director accord with the provision of the new company legal; The rate of manage director is more than l/5,but there is a descend trend; Most of companies chose part-time board of directors in CEO the direcort's mode; The frequency of the board meeting is high, but somewhat become a mere formality; The levels of board interlocks has increased greatly, but still lower than 1.5%,and a small part of independent directors have a little amount of shares.This paper adopt ROE,EPS,Tobbin's Q to measure corporate performance and adopt ordinary least squares model to analyze the relationship between the board characteristic and corporate performance. Results show :the size of the board is positively correlated with firm performance; the proportion of independent director is uncorrelated with firm performance; the proportion of manage director is negatively correlated with firm performance; duality is...