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选取林业上市公司为研究对象,从动态内生性的视角分析了林业上市公司董事会结构与公司绩效之间的相互作用关系。实证研究发现:(1)在林业上市公司中,董事会结构对公司绩效有着显著的影响,前期董事会规模与公司绩效负相关,前期和当期董事会独立性与公司绩效显著正相关,而当期董事会规模则与公司绩效不相关;(2)在林业上市公司中,公司绩效对董事会结构有着明显的反作用,当期公司绩效与董事会规模显著负相关,与董事会的独立性显著正相关,而前期公司绩效则与当期董事会规模、董事会独立性均不相关。
This paper chooses the forestry listed companies as the research object and analyzes the interaction between the structure of the board of directors and the corporate performance from the perspective of dynamic endogeneity. The empirical study found that: (1) Among the listed companies in forestry, the structure of the board of directors has a significant impact on the performance of the company. The size of the board of directors in the previous period has a negative correlation with the company’s performance. The independence of the board of directors in the previous and current periods has a significant positive correlation with the company’s performance. (2) Among the forest-listed companies, corporate performance has a significant negative effect on the structure of the board of directors. The performance of the company has a significant negative correlation with the size of the board of directors and a significant positive correlation with the independence of the board of directors. However, The current board size, board independence are not related.