制造业是我国的经济支柱产业，对于实现经济持续稳定增长、促进社会进步和改善民生具有重要的作用。而董事会的治理情况逐渐成为决定制造业企业发展的重要因素，研究公司董事会特征对企业绩效的影响可以帮助制造业企业建立更完善的董事会制度，提高董事会治理水平，更好地保护股东利益和权益。
本文旨在通过多元回归分析与分位数回归分析探究董事会特征对沪深A股上市制造业企业绩效的影响。为此，该文以2699家沪深A股制造业企业为样本，在董事会特征指标方面，选择董事会规模、独立董事比例、女性董事存在与否、董事长是否兼任首席执行官作为董事会结构特征指标；选择董事会会议频率作为董事会会议特征指标；选择董事持股比例、董事薪酬作为董事激励指标；选择董事平均年龄、董事学历作为董事会成员素质特征指标。另外，用主成分分析法从盈利能力、偿债能力、经营能力、发展能力四个方面构造企业绩效综合指标作为衡量企业绩效的变量。选取公司规模、资本结构、股权结构作为控制变量。研究发现，女性董事的存在、董事薪酬、董事学历水平与企业绩效呈显著正相关关系，独立董事比例与企业绩效呈显著负相关关系，董事会规模、两职合一、董事会会议频率、董事持股比例和董事平均年龄与企业绩效无显著相关性。此外通过分位数回归分析发现，董事会特征对绩效水平不同的公司产生的影响有所差异。
根据研究的结果，本文提出了政策建议，例如：完善独立董事制度以确保独立董事的有效性和稳定性；推动董事会性别多元化；完善董事激励制度；提高董事素质门槛，建立素质培养通道等，以改善董事会治理能力，保护股东权益，提升企业竞争力。
 

Manufacturing industry is the pillar industry of China's economy and plays an important role in achieving sustained and stable economic growth, promoting social progress and improving people's livelihood. And the governance of the board of directors has become an important factor in determining the development of manufacturing enterprises. Studying the influence of the characteristics of the company's board of directors on corporate performance can help manufacturing enterprises establish a better board system, improve the level of board governance, and better protect the interests and rights of shareholders.
The purpose of this paper is to explore the influence of board characteristics on the performance of listed manufacturing companies in Shanghai and Shenzhen A-shares through multiple regression and quantile regression. To this end, the paper takes 2,699 Shanghai and Shenzhen A-share manufacturing enterprises as samples, and in terms of characteristics indicators, the board size, the proportion of independent directors, the presence of female directors, and whether the chairman is also the general manager are selected as board structure characteristics indicators; the frequency of board meetings as board meeting characteristics indicators; the proportion of directors' shareholding and directors' remuneration as directors' incentive indicators; the average age of directors and directors' education The average age and education of directors are used as indicators of directors' quality. In addition, principal component analysis was used to construct comprehensive corporate performance indicators from four aspects: profitability, solvency, operating capacity, and development capacity as variables to measure corporate performance. Company size, capital structure, and equity structure were used as control variables. It was found that the presence of female directors, directors' remuneration, and directors' education level were significantly and positively correlated with corporate performance, the proportion of independent directors was significantly and negatively correlated with corporate performance, and the size of the board of directors, dual positions, frequency of board meetings, directors' shareholding ratio, and average age of directors were not significantly correlated with corporate performance. In addition, quantile regression analysis revealed that board characteristics have different effects on firms with different levels of performance.
Based on the results of the study, this paper proposes policy recommendations, such as: improving the independent director system to ensure the effectiveness and stability of independent directors; enhancing the gender diversity of the board of directors; improving the director incentive system; high director quality threshold and establishing a quality training channel, etc., in order to improve the board governance capacity, protect shareholders' interests and rights, and enhance corporate competitiveness.