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董事会的履职活动是联通治理结构与治理成效的枢纽,对于公司的有效治理有着重要意义。文章就此问题,在审计委员会的履职活动层面探索性地解释了审慎治理与风险管理绩效的关系,并基于2009-2011年国内A股市场的主板上市公司,实证检验了审计委员会的实际履职活动及其影响因素与潜在绩效。研究发现:(1)我国上市公司审计委员会的履职质量堪忧,仅有不到40%的履职活动既可信又活跃,大多数公司的履职现状亟待改善。(2)股权集中度高的公司履职质量较差,大公司、成长性低和债务风险高的公司审计委员会表现较为活跃。(3)当审计委员会的履职活动既可信又活跃时,所在公司有较低的业绩波动;当可信度较低时,看似勤勉的公司反而有更大的业绩波动;当履职可信而活跃度较低时,与业绩波动的相关性不稳健。文章说明审慎治理有助于降低公司风险,督促审慎履职、做到真实勤勉而非表象勤勉是治理有效的基础。未来研究可以在董事会层面就审慎治理机制等方面做进一步深化。
The performance of the board of directors is the hub of China Unicom’s governance structure and governance effectiveness, which is of great significance to the effective governance of the company. On this issue, the article explores the relationship between prudential governance and risk management performance on the audit committee’s performance level. Based on the main board listed companies in the domestic A-share market from 2009 to 2011, the paper empirically tests the actual performance of the audit committee Activities and their influencing factors and potential performance. The findings are as follows: (1) The quality of performance of audit committee of listed companies in our country is worrying. Only less than 40% of the duty performance activities are credible and active, and the performance of most companies needs to be improved urgently. (2) Companies with high concentration of ownership perform worse than their peers, while large companies, companies with low growth and high debt risk, perform more actively. (3) When the performance of the Audit Committee is both trustworthy and active, the company has lower performance fluctuations; when the credibility is low, the seemingly diligent company has more performance fluctuations; when performing When credibility is low and activity is low, the correlation with performance fluctuations is not robust. The article shows that prudent governance helps reduce corporate risk, urges prudent performance of duties, and real hardworking rather than diligence is the basis of effective governance. Future research can be further deepened at the board level in terms of prudential governance mechanisms.