董事会成员特征、董事薪酬水平与企业经营绩效基于制造业上市公司的实证研究

在上市企业中,董事会成员对该企业经营绩效的重要性不言而喻.为了深入研究其中关系,本文以2015～2019年沪深A股制造业上市公司为研究主体,运用logistic与OLS的统计方法分析了董事会成员特征、董事薪酬水平与公司经营绩效的关系.研究表明:董事会中存在女性董事的企业经营绩效会更好;女性董事占比值与企业经营绩效存在倒U型关系,当女性董事占比达到某一门槛值时,企业经营绩效达到最佳;相较于两职分离,董事长与CEO两职合一的企业经营绩效更强;董事薪酬水平与企业经营绩效之间显著正相关,且对董事会成员特征与企业经营绩效之间的关系起正向调节作用.研究结论可以提示企业应重视董事会成员特征中的关键因素对企业经营绩效的影响,为企业进行董事会结构优化以及对行经营绩效和投资价值判断提供研究依据.

Characteristics of Board Members,Directors' compensation Level and Business Performance ——Empirical Research Based on Manufacturing Listed Companies

In listed companies, the importance of board members to the business performance of the company is self-evident. In order to study the relationship between the two in depth, taking Shanghai and Shenzhen A-share manufacturing listed companies from 2015 to 2019 as the research subject, this paper analyzes the relationship between the characteristics of board members, directors'' compensation level and corporate performance by using logistic and OLS statistical methods. The results show that the performance of enterprises with female directors in the board of directors is better; the proportion of female directors is positively correlated with business performance, and further research shows that both exist In the inverted U-shaped relationship, when the proportion of female directors reaches a certain threshold value, the business performance reaches the best; compared with the separation of two positions, the business performance of chairman and CEO is stronger; there is a significant positive correlation between director''s salary level and business performance, which can also positively adjust the relationship between board characteristics and business performance. This study is helpful to reveal the influence of key variables in the characteristics of board members of manufacturing enterprises on business performance, and provide empirical research evidence for manufacturing enterprises to optimize the internal structure of the board of directors, as well as the market''s judgment on its operating performance and investment value.