摘要
近年来，中国掀起了“大众创业”的新浪潮，形成了“万众创新”
的新势态。依托国家政策的扶持，大量的创业板上市公司得到了空前
的发展机遇。创业板上市公司科技含量高、创新能力强、成长潜力大，
但由于大多处于初创期或成长期，家族化问题突出，经营风险相对比
较高，创业板企业的绩效一直备受关注。

本文以创业板上市公司为研究对象，选取2013-2015年浙江省创
业板上市公司为研究样本，从结构特征、领导特征、行为特征、激励
特征四个方面刻画董事会特征，以因子分析法计算的综合得分衡量公
司绩效，在委托代理理论、资源依赖理论和现代管家理论的基础上，
运用多元线性回归模型对样本的董事会特征与公司绩效之间的关系
进行实证研究，从加强董事会治理的角度为完善创业板上市公司治理
结构提供经验数据。

实证研究结果表明，创业板上市公司董事长与总经理两职合一、
董事薪酬与公司绩效正相关；创业板上市公司董事会持股比例与公司
绩效负相关；创业板上市公司董事会规模、独立董事比例、董事会会
议次数与公司绩效不相关。在此基础上，本文提出了选取适度规模的
董事会、完善独立董事选举制度，设置董事长与总经理两职合一的董
事会领导结构，进一步提升董事会会议制度的质量和效率，有效建立
董事薪酬体系、完善董事会激励机制的政策建议。

关键词：创业板上市公司，董事会特征，公司绩效
论文类型：应用基础研究II
Empirical Research on Board Characteristics and Firm
Performance in GEM-listed Companies: Examples of
GEM-listed companies in Zhejiang Province
ABSTRACT
In order to adapt to the new normal of social and economic development, the
state vigorously promote the development of the new engines that “public
entrepreneurship, people innovation”. Based on the support of government policy, a
large number of listed companies on Growth Enterprise Market have got
unprecedented development opportunities. As an important complement of the Main
Board Market, Growth Enterprise Market is aiming at providing services to the small
and medium-sized enterprises, which undergo their initial or growth stages. Most of
these companies have a promising future. However, there are many problems in
GEM-listed companies. Their governance structure may not be that perfect, and they
may not have a steady performance.
This thesis selects GEM-listed companies in Zhejiang Province from 2013 to
2015 as samples. On the basis of principal agent theory, resource dependence theory
and modern stewardship theory, the thesis depicts board characteristics from four
aspects, uses principal component analysis to measure firm performance, makes an
empirical via multiple linear regression model. Then this thesis puts forward some
suggestions on the development of the board of directors, which may provide some
empirical data on improving the governance structure of GEM-listed companies.
This thesis arrives at the following conclusions: the duality of CEO & chairman
and director’s salary of GEM-listed companies presents significant positive
correlation with firm performance; proportion of directors’ shareholding of
GEM-listed companies presents significant negative correlation with firm
performance; board size, rate of independent directors and the meeting frequency of
board of GEM-listed companies presents no correlation with firm performance. This
thesis puts forward suggestions such as setting moderate board size, perfecting the
independent director system, fitting leadership structure of the board according to the
condition of listed companies, improving the quality and efficiency of the board
meetings, perfecting the performance incentive mechanism of the board.
KEY WORDS: Growth Enterprise Market, Board Characteristics, Firm
Performance
TYPE OF DISSERTATION / THESIS: Application Fundamentals浙江工业大学硕士学位论文 创业板上市公司董事会特征与公司绩效的实证研究
III
目录
1 绪论..........1
1.1 研究背景及研究意义.... 1
1.1.1 研究背景.....1
1.1.2 研究意义.....1
1.2 研究内容及研究方法.... 2
1.2.1 研究内容.....2
1.2.2 研究方法.....2
1.3 研究创新与研究不足.... 3
1.3.1 研究创新.....3
1.3.2 研究不足.....3
2 相关研究回顾.....5
2.1 创业板市场及创业板上市公司特征.... 5
2.1.1 创业板市场.5
2.1.2 创业板上市公司的特征.....5
2.2 董事会特征对公司绩效影响的理论基础........ 6
2.2.1 委托代理理论.........6
2.2.2 资源依赖理论.........6
2.2.3 现代管家理论.........7
2.3 董事会特征与公司绩效的关系研究.... 7
2.3.1 董事会特征及表现形式.....7
2.3.2 董事会结构特征与公司绩效的关系研究.8
2.3.3 董事会领导特征与公司绩效的关系研究...........10
2.3.4 董事会行为特征与公司绩效的关系研究...........11
2.3.5 董事会激励特征与公司绩效的关系研究...........12
2.4 国内外文献评述.......... 13
3 研究设计...........15
3.1 研究假设.......... 15
3.1.1 创业板上市公司董事会结构特征对公司绩效的影响...15
3.1.2 创业板上市公司董事会领导特征对公司绩效的影响...16
3.1.3 创业板上市公司董事会行为特征对公司绩效的影响...16
3.1.4 创业板上市公司董事会激励特征对公司绩效的影响...17浙江工业大学硕士学位论文 创业板上市公司董事会特征与公司绩效的实证研究
IV
3.2 样本选择及数据来源.. 17
3.3 变量定义.......... 18
3.3.1 因变量.......18
3.3.2 自变量.......19
3.3.3 控制变量...19
3.4 模型构建.......... 20
3.4.1 因子分析模型.......20
3.4.2 多元线性回归模型.