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:3(100032)(116025):,,,U,,:3(:2003033187)2003,,,,,,,,Yermack(1996)19841991452,,(Q)612,1224,,,,,,,CEOCEOEisenberg(1998)Yermack,,Kini(1995),,GertnerKaplan(1996),,,,Wu(2000)19911995,,07::,,(CALPERs),,,,DenisSarin(1999),,,(,MizruchiandStearns,1988)Dan(1999)Meta131(20620),,Chaire(2002)(),(),,IPO,,,,,,,,(2000)(2002),,Q,,,,,,ST()1.,,,LiptonLorsch(1992),,10,89,,,,Jensen(1993,P1865),,78,,CEOAlexander(1993),,,CEO,,,,,,,1720044MetaHunterSchmidt(1990),,Stauffer(1994)MetaDos,,1993CEO,,19(MonksandMinow,1995);2090,,IBM(ScottPaper)(W.R.Grace)1995,Grace2212,(Yermack,1996),(10)2.,,,,()(Preffer,1972,1973;Provan,1980),()(Birnbaum,1984)Alexander(1993),Ocasio(1994),,,CEOCEOCEO,,,1997(AT&TColumbia2HCA,10);,2001(10)2000(75),,,,,40,5,,,,,13,3.,,,,,LiptonLorschJensen,,,,(Jensen,1993),,,,,27::,2001:,http:PPtech.sina.com.cnPiPwP61509.shtml(),,,,,(,2000),:,,;,,,,:1:U,:;,,,(LiptonandLorsch,1992;Jensen,1993),:2:,(),,,,,,,,,,,,,,:3:,,;,,,,4A:4A:,,,,,3720044,,,,,,,4A:4B:,()200112311160,19982001(SternStewart)(),()it(ROEit)(EVAit),(1)(2):(1),NPitit;Equityitit;(2),B3itNI3itROEit=(NPitEquityit)100(1)EVAit=NI3it-rB3i(t-1)(2),:(1),,;(2),(),,,()it()(DNi,t)LN(DNi,t)(),,,,,,8,10,86,6,47::()http:PP(AT&T)(Coca2Cola)(Chrysler)(SONY)(Siemens),,,,,(,Q),,6,,8,2,ChaireE.Crutchley(2002)GarnerKale(2001),,,(3)SIj,j+i=Mj-#(sj\sj+i)MjMj+iMj+Mj+i+Mj+i-#(sj+i\sj)Mj+iMjMj+Mj+i(3)(3),SIj,j+ijj+i;Mjj,Mj+ij+i;#(sj\sj+i)j,j+i(,j,j+1,j+2),#(sj+i\sj)j+i,j,86,6,018929;10,86,016833,01,1()(),SIi(t,t+1)(t1997,1998,1999,2000)itt+1()11,22,33,44A4B1(Paneldata),241,,,1,(HausmanandTaylor,1981)ai,,it24,(OLS)t-1t-2t-3,,124,(P-DSHit)(DRit)(LN(Assetsit))(d-GJGit)(1)(),,,,,,5720044,,,(CEO)Jensen,MasonGerety,Chun2KeungHoi,AshokRobin,2001,DoShareholdersBenefitfromtheAdoptionofIncentivePayforDirectors?FinancialManagement,Winter,46.,CrutchleyE.Claireetal.(2002,P18488)(,2003a);(2),,(,2003b);(3),,,,,,,()(,2002);(4),,1,0,,,234,()(A-ROEit)(A-EVAt)(),:A-ROEit=ROEit-iROEt;A-EVAit=EVAit-iEVAtPit=ai+1LN(DNit)+2[LN(DNit)2]+3P-DSHit+4DRit+it(1)LN(DNit)=a0+1Pi(t-1)+2Pi(t-2)+3Pi(t-3)4LN(Assetsit)+5d-GJGit+i(2)SIi(t-1,t)=1+1Pi(t-1)+2Pi(t-2)+3Pi(t-3)+i(3)Pit=3+1SIi,(t-2,t-1)+2SIi,(t-3,t-2)+3SIi,(t-4,t-3)+4P-DSHit+5DRit+i(4)():(1),,9;(2)(),,9,,142135171193,16175%14127%15176%16164%(,),,(),,:(1);(2);(3);(4)();(5);(6)();(7);(8);(9)();(10):(1)(67::519,(000078)2001,20014,,),,;(2),(),11()ROEitEVAitLN(DNit)177.907(118.054333)2009.187(4.528333)[LN(DNit)]2-36.553(-113.581333)-329.598(-3.285333)P-DSRit0.357(185.224333)29.211(71.537333)DRit0.324(69.689333)-12.865(-13.353333)R20.5160.886F1296.227827.81(p)(0)(0)DW2.1332.086n29492663:19971231741(3);,;Eviews4,,(GLS),,;;WhiteT,3p10%,33p5%,333p1%;n(2)()1.1111015,F1%,ROEEVAU,12.2()26F1%,,,,,;1%,,,(),23.3236,5F10%,,,6,10%,3,,4.4A4B()46,4F1%,,(),4A4B,U,7720044(),,,(),()?,,,,,,,,,,(BRT),;(TSE),,7911,9,()23SIi(t-1,t)t=2001t=2000t=1999A-ROEitA-EVAtA-ROEitA-EVAtA-ROEitA-EVAtPi(t-1)2.1E205(18.2333)2E206(1.83)1.7E205(0.1)3E206(3.1333)1E204(1.27)3E206(4.9333)Pi(t-2)0.001(5.18333)5E207(0.33)3E204(2.93333)7E208(0.09)Pi(t-3)2E204(1.33)-3E207(-0.55)0.78(96.99333)0.78(94.13333)0.78(98.09333)0.78(98.93333)0.79(101333)0.79(102333)R20.060.0050.0080.010.00070.03F17.392.484.295.391.6223.85(p)(0)(0.06)(0.01)(0)(0.20)(0)DW2.062.072.152.151.921.97obs3rsq29.7116.258.9512.491.013.12(p)(0)(0.06)(0.11)(0.03)(0.6)(0.21)n840837840838840838:obs3rsqWhite,White,(),,,1,;,2;,3;192,3,,19,,,,87::LutgartandLiesbeth,1999,InternationalStandardisationofGoodCorporateGovernance:BestPracticefortheBoardofDirectors,KluwerAcademicPublishers:7778.,,2002:ST,3,2000:,10(),2002:Eviews,,2003a:,3,2003b::,1,2002:,CrutchleyE.Claireetal.,2002,AnExaminationofBoardStabilityandtheLong2termPerformanceofInitialPublicOfferings,FinancialManagement,Autumn,6390.DaltonD.R.etal.,1999,NumberofDirectorsandFinancialPerformance:AMeta2Analysis,AcademyofManagementJournal,6,674686.HermalinB.E.andWeisbachM.S.,2001,BoardofDirectorsAsAnEndogenouslyDeterminedInstitution:ASurveyofTheEconomicLiterature,NBERWorkingPaper8161.:AReviewandResearchAgenda,1996JournalofManagement,3,409438.Wu,Yili,2000,Honey,Ishrunktheboard,UniversityofChicagoWorkingPaper.Yermack,1996,HigherMarketValuationofCompanieswithaSmallBoardofDirectors,JournalofFinancialEconomics,40,185211.ZahraS.A.andPearceJ.A.,1989,BoardsofDirectorsandCorporateFinancialPerformance:AReviewandIntegrativeModel,JournalofManagement,2,291334.Ocasio,1994,PoliticalDynamicsandCirculationofPower:CEOSuccessioninU.S.IndustrialCorporations,19601990,AdministrativeScienceQuarterly,39,291.NumberofDirectors,BoardStabilityandPerformance:TheoryandExperienceYuDong2zhi(ICBCPostdoctor,Beijing)ChiGuo2hua(ResearchCenterofFinanceandAccountingofDongbeiUniversityofFinanceandEconomics)Abstract:Asessentialorganofconferenceexertingcorporatepropertyrightsbyrepresentingcorporation,Boardofdirectorsisthecoreofcorporategovernanc