股权结构对董事会结构的影响

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芽律巧
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1 1 a b (Boycko, Shleifer, and Vishny, 1996) (Barberis et al, 1996) (Shleifer, 1998) (Megginson and Netter 2001) /G02 a b 1

2 (Megginson and Netter 2001) Hermalin and Weisbach, 2001 Williamson 1975 Fama and Jensen 1983 Hermalin and Weisbach 1998 Monks and Minow 2000 Hermalin Weisbach 1988 CEO CEO CEO Denis Sarin 1999 Hermalin Weisbach 1988 CEO CEO Lehn Patro Zhao Boone Field Karpoff Raheja CEO A 2

3 CCER % / % % % Chen and Xiong, % % 4 5 3

4 Herfindahl % % % Schleifer and Vishny 1986 Demsetz and Lehn,

5 4 (panel regression) I = β herf + λ control + ε I = β p + λ control + ε I herf 5 Herfindahl p 1 0 control I = β herf c + β herf (1 c) + ε 1 2 I = β herf p + β herf (1 p) + ε c 1 0 β1 β 2 β3 β 4 panel probit regression prob = β herf + λ control + ε prob = β p + λ control + ε prob = β herf c + β herf (1 c) + ε 1 2 prob = β herf p + β herf (1 p) + ε 1 2 prob

6 7 U 8 U 9 10 U panel regression I = β state+ λ social+ ε I = β state + β state + λ social + λ social +ε state social panel probit regression prob = β state + λ social + ε prob = β state + β state + λ social + λ social +ε Denis and Sarin, 1999 Boyd,

7 Hirfindahl % 2 8 Hirfindahl

8 U 7 8, 8

9 1. Boone, A. L., L. C. Field, J. M. Karpoff and C. G. Raheja (2004), The Determinants of Corporate Board Size and Composition: An Empirical Analysis, Working Paper. 2. Claessens, S., S. Djankov and L. H.P. Lang (2000), The separation of ownership and control in East Asian Corporations, Journal of Financial Economics, 58, Demsetz, H. and K. Lehn (1985), The Structure of Corporate Ownership: Cause and Consequences, Journal of Political Economy, 93, Denis, D. J. and A. Sarin (1999), Ownership and board structures in publicly traded corporations, Journal of Finance, 52, Fama, E. F. and M. C. Jensen (1983), Separation of Ownership and Control, Journal of Law and Economics, 26, Hermalin, B. E. and M. S. Weisbach (1988), The Determinants of Board Composition The Rand Journal of Economic, 19 (4), Hermalin, B. E. and M. S. Weisbach (2003), Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature, Economic Policy Review - Federal Reserve Bank of New York, 9 (1), La Porta, R., F. Lopez-de-Silanes and A. Shleifer (1999), Corporate Ownership around the World, 9. Lehn, K., S. Patro and M. Zhao (2004), Determinants of the Size and Structure of Corporate Boards: , University of Pittsburgh Working Paper. 10. McConnell J. J. and H. Servaes (1995), Equity Ownership and Two Faces of Debt, Journal of Financial Economics, 39, Ross, S. (1977), The Determination of Capital Structure: The Incentive Signaling Approach, Bell Journal of Economics, 8, Shleifer, A. and R. W. Vishny (1986), Large Shareholder and Corporate Control, Journal of Political Economy, 96, Tenev, S. and C. Zhang (2002), Corporate Governance and Enterprise Reform in China, World Bank and the International Finance Corporation. 14.Xu X. N. and Y. Wang (1999), Ownership Structure Reform and Corporate Governance in Chinese Stock Companies Chinese Economic Review,

11 Herfindahl 5 Herfindahl Herfindahl

12 5 t 50 t t 50 t

13 7 Leverage lnat herf 5 50 c 1 0 p 1 state social ***,**,* 1%,5%,10% leverage ***0.054 ***0.053 ***0.054 ***0.066 ***0.057 ***0.057 lnat ***0.143 ***0.143 ***0.144 ***0.182 ***0.139 ***0.137 herf *** herf c *** herf (1 c) *** herf p *** herf (1 p) *** p **0.063 state *** *** sq_state social *** *** sq_social *** R square

14 8 Leverage lnat herf 5 50 c 1 0 p 1 0 state socialperson ***,**,* 1%,5%,10% leverage lnat ***-0.22 ***-0.22 ***-0.22 ***-0.22 ***-0.21 ***-0.23 herf herf c herf (1 c) herf p herf (1 p) p ***0.390 state sq_state ** **2.582 social sq_social Wald P

07D5.FIT\)

$07D5.FIT\)$ 股权结构与信息披露 : 国外文献回顾魏文君 ( 长江大学管理学院, 湖北荆州 434023) 摘要 : 关于股权结构与信息披露关系的研究, 国外文献主要是从股权分散管理层 ( 内部人 ) 持股机构投资者持股和大股东持股等四种不同类型股东持