我国上市公司董事会激励特征及其效果研究——以沪深医药板块公司为例

以2007—2009年沪深两市A股医药板块上市公司为样本,研究了我国上市公司董事会的激励特征及其效果。实证结果表明,除薪酬独立性影响效果不显著外,董事会薪酬激励、独立董事声誉激励以及国有控股公司的股权激励对董事会发挥职能具有积极影响,而董事会领导权激励和非国有控股公司的股权激励具有消极影响。为进一步完善董事会激励机制提供了有力论证,并提出了若干建议。

Incentive Characteristics of Directorate and Its Effectiveness:Empirical Study Based on Chinese Pharmaceutical Listed Companies

Based on principal-agent theory and incentive theory,the data of Chinese pharmaceutical listed companies during 2007-2009 are selected to study the incentive characteristics and effectiveness of directorate.Empirical results show that,except for independence of incentive pay,the salary incentive,reputation to independent directors and equity incentive of state-owned holding companies have positive impacts on the directorate＇s performance;Incentive of directorate＇s leadership and equity incentive of non-state-owned holding company have negative impacts on the directorate＇s performance.Furthermore,some effective arguments and recommendations of improving incentives to directorate are provided.