JOURNAL OF CORPORATE FINANCE, VOLUME 51，AUGUST 2018

董事会和公司杠杆：来自房地产投资信托的证据

作者：Trang Doan (Eastern Illinois University)

Nga Q. Nguyen (Marquette University)

摘要：本文重新审视杠杆与回报之间的负相关关系，同时也关注董事会的作用。为此，本文利用房地产投资信托（REITs）的独特背景、高杠杆率以及行业在最近的金融危机中所经历的波动来进行研究。我们发现，在金融危机期间，房地产投资信托基金的董事会活动有所增加，尤其是那些高杠杆的公司。我们还发现，董事会活动有助于缓解此前报告的杠杆对回报的负面影响。危机后，我们发现有证据表明，如果危机前的杠杆率较高，那些拥有更多活跃董事会的公司会降低杠杆率。此外，拥有更多活跃董事会的公司有更好的危机后回报。我们的结果对于其他考虑了董事在房地产和金融行业的经历之后的指标也是稳健的。

关键词：公司董事会，董事会会议，董事会委员会，董事经验，杠杆，公司业绩

Boards of Directors and Firm Leverage: Evidence from Real Estate Investment Trusts

Trang Doan (Eastern Illinois University), Nga Q. Nguyen (Marquette University)

ABSTRACT

We re-examine the negative association between leverage and returns while also focusing on the role of boards of directors. To do so, we utilize the unique setting of real estate investment trusts (REITs), their high leverage, and the volatility that the industry experienced during the recent financial crisis. We find that during the financial crisis REIT board activity increased, especially among firms with high leverage. We also find that board activity helps mitigate the previously reported negative effect of leverage on returns during this time period. Post-crisis, we find evidence suggesting that firms with more active boards reduce their leverage if their pre-crisis leverage was high. Further, firms with more active boards have better post-crisis returns. Our findings are robust to using different measures of activity that take into account director experience in real estate and finance.

Keywords: Corporate Boards，Board Meeting，Board Committee，Director Experience，Leverage，Firm Performance

原文链接：

https://www.sciencedirect.com/science/article/pii/S0929119917307344

翻译：王秭越