Board Of Directors Efficiency Evaluation Index System And Empirical Research

In institutional construction of modem enterprise and practice of corporate governance, the board of directors has been the core of the corporate governance, and its efficiency has direct influence on quality of company's performance. After over ten years development of enterprise institutional reform in China, many questions still exist in corporate governance, especially in board of directors governance. No index system and corresponding assessment method to assess efficiency of board of directors has been constructed, making management organization or investors difficult to fully assess the efficiency of board of directors, and embarrassing the construction and development of the system of board of directors seriously.To construct such index system scientifically, the paper, based on modern enterprise's management theory and related board of directors governance theory, adopts variable of methods such as positive research, real example analysis, multivariable linear regression analysis, comparison analysis and relevant analysis. The paper, by comparing system of board of directors of our country with those of developed countries, firstly points out existing problems in board of directors of our country, and then explains that structure and governance system of board of directors are the key factors to the efficiency of board of directors. From chapter two, the paper launches its analysis around three aspects: board of directors system construction, administration structure and governance mechanism in detail, and discusses various kinds of factors influencing efficiency from different sides conscientiously. It chooses board of directors system construction, administration structure and governance mechanism as the first class indexes, directors employment principal and structure of board of directors the second indexes, and scales of board of directors the tertiary index. The paper constructs a table of assessment index system and an analysis frame compromised with three levels and thirty measurable indexes as reference basis to measure the efficiency of board of directors. To prove the index system' rationality, 1197 listed companies on two places in Shanghai and Shenzhen of our country are sampled. By adopting methods such as multivariable linear regression analysis, expert judgment, level analytic approach, etc, the paper then tests and assesses the efficiency of board of directors of our country.The research results of this text are shown as: (1) Defined the efficiency of board of directors. On the basis of summarizing various kinds of points, redefine the efficiency of board of directors and determine the full play result of every function of board of directors as the efficiency of board of directors. (2) Constructed the efficiency assessment index system and frame of board of directors, which offers guidance for government, securities regulator and investor. (3) Set up an appraisal criterion based on expert judgment combined with multiple statistical analyses. Such criterion constructed enables evaluating on efficiency of board of directors of an individual company as well as the whole listed companys.