董事会治理研究的理论根源及研究脉络评析  

Review of the Theory of Board Governance and Research Schemes

作　　者：李维安[1,2] 牛建波[3] 宋笑扬[4] 

机构地区：[1]南开大学商学院 [2]公司治理研究中心 [3]南开大学商学院现代管理研究所 [4]南开大学公司治理研究中心

出　　处：《南开管理评论》2009年第1期130-145,共16页Nankai Business Review

基　　金：国家自然科学基金项目(70532001、70802031);国家社科基金项目(07CJY001);教育部人文社会科学重点研究基地重大项目(08JJD630007);天津市“十一五”社科研究规划课题(TJGL06-023、TJGL06-077);南开大学985工程“中国企业管理与制度创新”创新基地项目资助

摘　　要：本文以董事会治理研究为主题,对几十年来相关研究的理论基础进行了梳理,对不同理论的基础观点、实证支持和最新进展等内容进行了综合阐述,对这些理论各自的局限性做出了评价,有利于我们进一步了解董事会运作机理和提高董事会治理效果。在此基础上,我们以提高治理绩效为宗旨,构建了一个董事会治理研究的逻辑框架体系,藉此可以看出,已有研究对董事会属性、角色与绩效之间关系的作用途径和机理还了解较少,特别是随着公司治理实践的不断发展和经济环境的变化,对于董事会治理的研究还有大量的未知领域需要去探索。最后我们列出了今后董事会治理研究的一些思路和建议。Focusing on the theme of the governance of boards of directors, we review and synthesize empirical research findings on the impact of boards of directors on corporate performance, and confirm the basic theories from recent decades. The limitations of different theories and relevant prior studies are also discussed. These works are beneficial to advancing our understanding of the mechanism of boards Of directors and improving their practical effects. Furthermore, we construct an integrative model of board attributes （composition, characteristics, structure, and process）, roles （service, strategy, and control）, and performance （accounting performance, financial performance, investment return, market performance, social performance and innovation） with the internal context （ownership structure, firm life cycle, CEO-style, company size, corporate resource situation） and external context （industry type, institutional investors, legal requirements, and governance scandals）. Existing research evidence on board variables incorporated into this model helps to explain the major shortcomings of previous studies. From this model we can see that there is .less knowledge about the direction and mechanism of the impact of characteristics and roles of boards of directors on firm performance, especially considering the evolution of governance practices and the dynamic nature of external regulations and other environments. Thus, we still have plenty of opportunities to expand the research in many aspects and fields. We offer an agenda for future studies in this promising area of empirical research, which will be helpful in validating the links among board variables, roles, company performance, and documenting effects of changes in board variables and circumstances on changes in company performance. This includes features such as paying more attention to field studies of how boards make their decisions considering their structure and processes, broadening the definition of company performance in the literature,

关 键 词：董事会 董事会治理 理论根源 研究脉络 评析 

分 类 号：F271[经济管理—企业管理]