________________________ I 摘要 随着公司治理的不断发展，会出现董事会正式结构相同而企业绩效差异较大、或 出现董事会正式结构对某些问题无法发挥作用的情况，因此人们开始关注正式结构以 外的因素，如董事会内部的潜在因素。董事会作为企业内部经营决策的顶层组织，董 事拥有的学历、经验等社会资本差异使得其在董事会中的地位、影响力不同，地位的 差序影响着董事之间的互动，从而形成隐性的非正式层级。董事会运作的效率和效果 受到非正式层级的影响，最终表现于公司财务绩效。“十三五”规划以来，国家不断 发布相关政策支持民营企业改革创新发展，其中内部治理是其改革的重点之一，董事 会运作效率则是内部治理的关键。基于此背景，研究董事会非正式层级对企业财务绩 效的影响对实现我国民营企业改革创新具有十分重要的意义。 本文以2016-2018年738家A股民营制造上市企业为研究样本，采用STATA15.1 处理样本数据，通过建立OLS回归模型探讨董事会非正式层级与财务绩效之间的关系。 为实现此目标，本文围绕三个方面进行研究分析：利用基尼系数模型从董事兼职数量、 学术背景、政治背景三个维度来衡量董事会非正式层级清晰度；对回归模型分析后， 选取固定效应模型对研究假设进行检验；此外，研究了业绩压力、董事会规模和股权 集中度的调节作用。经过稳健性检验之后得出如下研究结论：控制其他条件，董事会 非正式层级清晰度与财务绩效呈显著正相关关系。民营制造企业特别是处于快速发展 阶段，可以建立清晰的非正式层级使董事会运作更有效率和效果；业绩压力对非正式 层级与财务绩效的关系有正向调节作用。企业上一年度业绩较差时，董事会非正式层 级的作用更加突出，高效做出决策对提升财务绩效有促进作用；引入调节变量董事会 规模后，非正式层级清晰度与财务绩效具有更明显的正向效应，这一研究与国外研究 者的结论相反，但与国内学者研究基本一致；股权集中度对非正式层级强度与企业绩 效的关系具有正向调节效应。股权集中使得非正式层级更加清晰，提升董事会运作效 益，促进董事会非正式层级对财务绩效的正向效应。 关键词：董事会；非正式层级；财务绩效；基尼系数 论文类型：应用研究 西南科技大学硕士学位论文 ________________________ II ABSTRACT Withtheacceleratingdevelopmentofcorporategovernance,therewillbesituationswhere theformalstructureoftheboardofdirectorsaresamebuttheperformanceofthecompanyis differentalot,ortheformalstructureoftheboardofdirectorswouldn'tworkincertain situations.Sopeoplebegintopayattentiontofactorsoutsidetheformalstructure,suchas theinternalpotentialfactorsboardofdirectors.Theboardofdirectorsisthetop-level organizationforinternalbusinessdecision-making.Thedifferenceinsocialcapitalsuchas academicqualificationsandexperienceofdirectorsmakesitsstatusandinfluenceonthe boardofdirectorsdifferent.Thedifferenceinstatusaffectstheinteractionbetweendirectors, thusformingimplicitinformalhierarchy.Theefficiencyandeffectivenessoftheboardof directors'operationsareaffectedbytheinformalhierarchy,whichultimatelypresentsitself inthecompany'sfinancialperformance.Sincethe13thFive-YearPlan,thegovernmenthas continuouslyissuedrelevantpoliciestosupportthereform,innovationanddevelopmentof privateenterprises,ofwhichinternalgovernanceisoneofthefocusesofitsreforms,andthe operationalefficiencyoftheboardofdirectorsisthekeytointernalgovernance.Basedon thisbackground,studyingtheimpactoftheinformalhierarchyoftheboardofdirectorson corporatefinancialperformanceisofgreatsignificancetotherealizationofthereformand innovationofprivateenterprisesinourcountry. Thispaperuses738listedprivatemanufacturingcompaniesinA-Sharestockmarketasthe researchsample,usesSTATA15.1toprocesssampledata,andestablishesanOLSregression modeltoexploretherelationshipbetweentheinformalhierarchyoftheboardofdirectors andfinancialperformance.Inordertoachievethisgoal,thisarticlefocusesonthreeaspects ofresearchandanalysis:theGinicoefficientmodelisintroducedtomeasuretheclarityof theinformalhierarchyoftheboardofdirectorsfromthethreedimensionsofthenumberof part-timedirectors,academicbackground,andpoliticalbackground;afteranalyzingthe regressionmodel,afixedeffectmodelisselectedtotesttheresearchhypothesis;inaddition, thispaperstudiesthemoderatingeffectofperformancepressure,boardsizeandequity concentrationtoo.Aftertherobustnesstest,thefollowingresearchconclusionsaredrawn: Controllingotherconditions,thereisasignificantpositivecorrelationbetweentheclarityof theinformalhierarchyoftheboardofdirectorsandfinancialperformance.Private manufacturingenterprises,especiallyinthestageofrapiddevelopment,canestablishaclear ABSTRCT ______________________ III informalhierarchytomaketheboardofdirectorsmoreefficientandeffective;performance pressurehasapositiveregulatoryeffectontherelationshipbetweeninformalhierarchyand financialperformance.Whencompanieshavepoorperformancelastyear,theroleofthe informalleveloftheboardofdirectorsismoreprominent,andefficientdecision-makingcan promotefinancialperformance;aftertheintroductionoftheadjustmentvariableboardsize, theclarityoftheinformallevelandfinancialperformancehaveamoreobviouspositive effect.Thisresearchiscontrarytotheconclusionsofforeignresearchers,butisbasically consistentwiththeresearchofdomesticscholars;equityconcentrationhasapositive moderatingeffectontherelationshipbetweeninformalhierarchystrengthandcorporate performance.Concentrationofequitymakestheinformalhierarchyclearer,improvesthe operationalefficiencyoftheboard,andpromotesthepositiveeffectoftheinformal hierarchyoftheboardonfinancialperformance. KEYWORDS:Board;Informalhierarchy;Financialperformance;Ginicoefficient TYPETHESIS:ApplicationResearch 西南科技大学硕士学位论文 __________________________ IV 目录 1绪论...............................................................................................................................1 1.1选题背景及研究意义.........................................................................................1 1.1.1选题背景..................................................................................................1 1.1.2研究意义.................................................................................................2 1.2研究内容与方法.................................................................................................3 1.2.1研究内容..................................................................................................3 1.2.2研究方法..................................................................................................5 1.3研究的创新之处.................................................................................................5 2文献综述与相关基础理论...........................................................................................7 2.1董事会非正式层级相关研究.............................................................................7 2.1.1董事会非正式层级的内涵.....................................................................7 2.1.2董事会非正式层级对组织产生的影响.................................................7 2.1.3董事会非正式层级的量化.....................................................................8 2.2董事会治理与财务绩效关系研究.....................................................................8 2.2.1董事会结构与财务绩效关系的研究.....................................................8 2.2.2董事会非正式层级与财务绩效关系的研究.......................................11 2.3文献述评...........................................................................................................12 2.4相关基础理论...................................................................................................12 2.4.1委托代理理论........................................................................................12 2.4.2关系契约理论........................................................................................13 2.4.3资源依赖理论........................................................................................14 3研究假设与模型构建.................................................................................................16 3.1研究假设...........................................................................................................16 3.1.1董事会非正式层级对企业财务绩效的影响.......................................16 3.1.2民营上市公司是否面临业绩压力下的假设.......................................18 3.1.3董事会规模下的假设....