您当前的位置:牛牛财经 > 新闻

独董:“花瓶”还是“锤子” ——医药行业家族上市公司独立董事特征与公司绩效实证分析

2019-03-16     牛牛财经   来源:证券日报 陈祥义
文章摘要:■陈祥义2018年长春长生生物事件造成了非常恶劣的社会影响,引起了党和国家领导人的高度重视。独立董事制度在公司治理过程中的有效性引起了笔者的关注,独立董事制度也被认为是解决家族企业治理问题,保护中小股东利益的有效方式。笔者通过对沪市A股家族控制….

    ■陈chenxiangyi

    2018年nianchangchunchangshengshengwushijianzaochengliaofeichangeliedeshehuiyingxiang,引yinqiliaodangheguojialingdaorendegaoduzhongshi。独dulidongshizhiduzaigongsizhiliguochengzhongdeyouxiaoxingyinqiliaobizhedeguanzhu,独dulidongshizhiduyebeirenweishijiejuejiazuqiyezhiliwenti,保baohuzhongxiaogudongliyideyouxiaofangshi。笔bizhetongguoduihushiA股jiazukongzhideminyingyiyaoxingyeshangshigongsidedulidongshi(以yixiajianchengdudong)特tezhengbianliangyanjiu,实shizhengliaoyugongsiyejideguanxi,也yejiushishuoshangshigongsidudongbushi“花huaping”(仅jinjinbaishe)而ershi“锤chuizi”(起qidaozuoyong)。

    一yi、中zhongguoyiyaoxingyeshangshigongsidulidongshitezhengyugongsijixiaoxiangguanxingshizhengyanjiu

    (一yi)样yangbenxuanze

    本benwenyishangzhengA股guyiyaoshangshijiazuqiyeweiyangben,筛shaixuanchengxuruxia:第diyi,以yi“医yiyao”上shangzhengA股guweijiansuotiaojianshaixuanfuhetiaojiandeshangshigongsigongji102家jia,为weifangzhijiduanzhichuxian,去qudiaoST两liangjiagongsi。第dier,通tongguochayuezhaogushu、年nianbaodengpiluxinxishaixuanchujiazuqiye45家jiayangbenqiye。第disan,在zaizhe45家jiaqiyezhong,采caiyongmeinianjiezhidao12月yue31日rideshuju,从cong2015年nianzhi2017年nian,共gong3年nianyangbenjinxingfenxi。剔tichuchuyixiequeshizhigongsi,选xuanzesuoyoushujujunkedede33家jiashangshigongsi(见jianbiao1)。

    表biao1样yangbengongsi

    ■

    (二er)变bianliangshuoming

    根genjudulidongshitezhengbianliangyuqiyeyejideguanxi,选xuanqudeyinbianliang、自zibianlianghekongzhibianliang(见jianbiao2)。

    表biao2变bianliangshuoming

    ■

    (三san)因yinbianliangzhuchengfenfenxi

    通tongguoxuanquKMO和heBarlett球qiuxingjianyanfangfa,得dedaoKMO的dezhiwei0.704,大dayu0.5;Barlett球qiuxingjianyandejianyantongjiliangguancezhiwei174.279,显xianzhuxingshuipingxiaoyu0.01,说shuomingkeyiduishujujinxingquanjuzhuchengfenfenxi

    表biao3因yinzitezhengzhijiyinziduizongtidefangchagongxianlv

    ■

    表biao4旋xuanzhuanhoudeyinzizaihejuzhen

    ■

    采caiyonghuiguifagujiyinzidefenxishu,得dedaoquanjuzhuchengfendeyinzidefenxishujuzhen(见jianbiao5)。据jucikedequanjuzhuchengfende线xianxingbiaodashi:F1=0.642y1-0.491y2+0.676y3;F2=-0.231y1+1.263y2-0.281y3。

    表biao5全quanjuzhuchengfendeyinzidefenxishujuzhen

    ■

    对duigongsijixiaojinxingzonghepingjia,以yiquanjuzhuchengfenfenxisuotiqudelianggeyinzidefangchagongxianlvweiquanshu,对duilianggeyinzijiaquan,即jiyiyinzi1的defangchagongxianlv0.57532和heyinzi2的defangchagongxianlv0.37020分fenbieweiquanshu,计jisuandeF1的dejiaquanquanshuwei0.57532/(0.57532+0.37020)≈0.608,F2的dejiaquanquanshuwei0.37020/(0.57532+0.37020)≈0.392,建jianlizonghedefende线xianxingbiaodashi:F=0.608F1+0.392F2,并bingyiF作zuoweihouxuhuiguideyinbianliang

    (四si)基jiyuduoyuanhuiguideshizhengfenxi

    在zaidedaoqiyejixiaodeduliangzhibiaozhihou,进jinyibujiangyinbianlianghekongzhibianliangyimianbanshujuxingshijinxinggoujianshujubiao,做zuojinyibuhuiguifenxi。回huiguifenxiyanjiujiasheruxia

    假jiashe1:公gongsidudongbiliyugongsijixiaochengzhengxiangguanguanxi

    假jiashe2:公gongsidudongrenshuyugongsijixiaochengzhengxiangguanguanxi

    假jiashe3:独dudongxinchouzongheyugongsijixiaochengzhengxiangguanguanxi

    假jiashe4:独dudongpingjunxueliyugongsijixiaochengzhengxiangguanguanxi

    假jiashe5:独dudongcanyuweiyuanhui(提timing、审shenji、战zhanlue)比biliyugongsijixiaochengzhengxiangguanguanxi

    假jiashe6:公gongsidudongpingjunnianlingyugongsijixiaochengzhengxiangguanguanxi

    根genjushangshufenxi,总zongtihuiguifenximoxingshedingruxia

    ■

    其qizhong,F代daibiaogongsijixiao,下xiabiaoit代daibiaodii家jiagongsidit年niandezhibiao

    在zaishujumianbanhuiguifangfadexuanzeshang,基jiyuruxiakaolv,决juedingcaiqusuijixiaoyingmoxing:(1)选xuanqudeyangbenshujushuyuduanshiqikuanjiemianshuju,采caiyonggudingxiaoyingmoxinghuizaochengdaliangziyoududesunshi;(2)本benwenzhongduoshugongsidezibianliangrux1和hex2在zaibutongnianfenxiabaochiyizhi,若ruocaiyonggudingxiaoyingzhexiebianlianghuibeizidongtichu,无wufapingguqiyingxiang;(3)对duishujujinxingshijianxiaoyingjianyan,发faxianshijianxiaoyingbuxianzhu(p<0.05)。随suijixiaoyinghuiguiyunsuanjieguo(见jianbiao6)。

    表biao6回huiguijieguo

    ■

    注zhu:*、**和he***分fenbiebiaoshizai10%、5%、1%的deshuipingshangxianzhu

    二er、实shizhengjielun

    本benwencongyiyaoshangshijiazuqiyedejiaoduchufa,提tichuliaozhexieqiyedulidongshitezhengyugongsiyejixiangguanxingdejiashe,通tongguozhuchengfenfenxihehuiguifenxidechuyixiajielun:1、独dudongbiliduiyujixiaoyouzhengxiangyingxiang,并bingqiezai0.05显xianzhuxingshuipingxiaxianzhu;2、独dudongjueduirenshuduijixiaoyouzhengxiangyingxiang,且qiezai0.05显xianzhuxingshuipingxiaxianzhu;3、独dudongxinchoubianliangduiyugongsijixiaomeiyouxianzhuyingxiang;4、独dudongpingjunxueliyugongsijixiaodeguanxibuxianzhu;5、独dudongcanyushenjiweiyuanhuizhanbiduigongsijixiaoyouxianzhudezhengxiangzuoyong,并bingqiezai0.01水shuipingxiaxianzhu,独dudongcanyuzhanlueweiyuanhuizhanbiduigongsijixiaoyoufuxiangxianzhuyingxiang,并bingqiezai0.05显xianzhuxingshuipingxiaxianzhu,独dudongcanyutimingweiyuanhuibiliduigongsijixiaomeiyouxianzhuyingxiang;6、独dudongpingjunnianlingyugongsijixiaodeguanxibuxianzhu

    (作zuozhedanwei:中zhongguoshehuikexueyuanyanjiushengyuan

 

    

收集整理:牛牛财经网
本文地址:https://news.nncj.com/a/6627
相关文章
共有条评论发表评论
验证码:
推荐阅读