连锁董事治理效应的实证分析--基于内在机理视角的探讨  

An Empirical Study on the Governance Effect of Interlocking Directorates: Based on an Analysis of the Inherent Mechanism

作　　者：彭正银[1] 廖天野[2] 

机构地区：[1]天津财经大学商学院企业管理系 [2]天津财经大学商学院

出　　处：《南开管理评论》2008年第1期99-105,共7页Nankai Business Review

基　　金：国家自然科学基金项目(70471061)资助

摘　　要：本文按照中观、微观、个体的逻辑分析思路,分别从连锁董事网、公司董事会和连锁董事的个人行为特征这三个层面来解析连锁董事产生治理效应的内在机理:认为连锁董事网的嵌入性影响着公司的资源获取能力、协调控制能力和环境应变能力;连锁董事的引进可改善董事会的结构,影响着董事会的战略参与与功能整合;而连锁董事个人的行为动机与个人能力将会约束其治理效应的发挥,从而表现为网络镶嵌、公司行为与个人动机的有机结合与共同作用。本文基于随机抽样的方法选取400家上市公司作为研究样本,通过描述性统计分析与构建时刻固定效应面板数据模型对连锁董事的治理效应进行了实证研究,得出相应的结论:公司所处连锁董事网的规模、公司的网络中心度以及连锁董事所担任的董事数目与公司治理绩效之间具有正相关关系,董事会中连锁董事比例的治理效应没有得到确定性验证,而连锁董事的持股与公司治理绩效之间并不存在显著的相关关系。研究表明,我国上市公司的连锁董事在任职特征及网络嵌入性上具有积极的治理效应,并提出相关的建议。This paper explores the inherent mechanism that the interlocking directorates＇ could give rise to the governance effect through three levels of interlocking directorates＇ net, board of directors and individual behaviors according with the logical analysis of mid-cosmic, microcosmic and individuality. The paper considers that the embeddedness of interlocking directorates＇ net can im- pact the abilities to obtain resource, coordinate control and adapt the change from the environment; the introduction of interlocking directorates can improve the structure of the board of directors to influence its strategic participation and functional integration; the individual characteristics on motivation and competence can constrain the governance effect of interlocking directorates. So the paper expresses that the inherent mechanism come from the organic integration and the interaction among net embeddedness, corporate behaviors and individual motivation. The paper selects 400 China＇s Listed Corporations based on random sampling to analyze statistically and to studies empirically the governance effect of the interlocking directorates＇ through the method of Time Fixed Effect Panel Data Mode. The research results show that the governance performance has positive correlations to the scale of the interlocking directorates net, the net degree-centrality and the number of an interlocking directorates＇ pluralism. But the effect hasn＇t been verified conclusively from the number of the interlocking directorates in the board of directors, while the interlocking directorates＇ shareholding hasn＇t significant correlations to the governance effect. The findings reflect that the interlocking directorates have significant effect to corporate governance on the individual characteristics and the net embeddedness in China＇s Listed Corporations. The paper puts forward relative suggestions such as further enhancing the selection on interlocking directorates to embody the effect that ＂the quality is far more than quantity＂;

关 键 词：连锁董事 内在机理 治理效应 

分 类 号：F276.6[经济管理—企业管理]