董事网络位置及其溢出效应:为关系支付薪酬?  

The Board Network Location and Its Spillover Effect: Are Compensation Paid for Relations?

作　　者：曹廷求[1] 王营[1] 张蕾[1] 

机构地区：[1]山东大学经济学院,山东济南250100

出　　处：《财经研究》2012年第10期15-25,共11页Journal of Finance and Economics

基　　金：国家社科基金重大招标项目(10ZD&035);教育部人文社科规划基金项目(12YJA790005);教育部新世纪优秀人才支持计划(NCET-10-0517);山东大学研究生自主创新基金(yzc12004)

摘　　要：董事会是各种关系的集合,蕴含社会资本的董事关系网络必然影响个人行为,进而影响公司绩效。研究发现,在公司绩效方面,董事结构洞位置对未来绩效产生显著正向影响,公司结构洞位置则对本期绩效产生显著正向影响;在薪酬激励方面,董事网络与薪酬激励正相关,但仅结构洞位置影响显著。将董事薪酬分解后,文章发现仅结构洞位置关联型薪酬对未来绩效产生显著正向影响。基于此,文章推断董事网络的构建是基于个人目的而非组织目的,其对公司绩效的正向影响是在个人目的达到之后产生的溢出效应或激励后效。因此,给予结交更多"朋友的朋友"的董事更多薪酬会显著增加未来绩效,即董事网络的溢出效应随之产生。The board is a set of relations. Board networks implying social capital inevitably affect individual behavior and corporate performance. It shows that, in terms of corporate performance, the board structural hole position has a significantly positive effect on the future performance and the corporate structural hole position has a significantly positive effect on the present performance; in terms of compensation incentives, board networks are positively associated with compensation incentives, but only the effect of structural hole position is significant. After the decomposition of board com- pensation, it indicates that only the board-structural-hole-position-related compensation has a significantly positive effect on the future performance. Based on the results, it concludes that the construction of board networks aims at personal benefits instead of organizational gains; the positive effect of board networks on corporate performance is the spillover effect or incentive after-effect after the achievement of personal objectives of directors. Therefore, the increase in the compensation of directors with more relations leads to the significant rise in the future performance, namely the spillover effect of board networks.

关 键 词：董事网络 公司网络 网络关联型薪酬 溢出效应 

分 类 号：F270[经济管理—企业管理]