董事会会议“形”与“实”的权衡——来自中国上市公司的证据  

Weigh of Board Meetings' "Form" and "Substance" ——Evidence from Chinese Listed Companies

作　　者：马连福[1,2] 石晓飞[1,2] 

机构地区：[1]南开大学中国公司治理研究院,天津300071 [2]南开大学商学院,天津300071

出　　处：《中国工业经济》2014年第1期88-100,共13页China Industrial Economics

基　　金：国家自然科学基金项目"董事会非正式沟通对决策质量的影响研究:路径;机理与效应"(批准号71372093);国家自然科学基金重点项目"我国集团企业跨国治理与评价研究"(批准号71132001);教育部人文社会科学重点研究基地重大项目"投资者关系管理对公司治理的优化效果研究"(批准号10JJD630001)

摘　　要：董事会是公司治理的核心,董事会会议是董事会发挥其职能的重要途径。本文以中国上市公司中通讯会议形式渐成为董事会会议主流趋势现象为背景,基于委托代理理论及决策模式理论,分析了应用董事会通讯会议形式的上市公司基本特征,对比了影响公司采用不同董事会会议形式因素的差异性,并进一步检验了董事会会议不同形式的价值效应。本文发现上市公司董事会规模、两职兼任、董事会持股情况等一系列治理特征影响了公司对董事会会议形式的选择,且董事会通讯会议与现场会议的影响因素及价值效应差异性显著。另外还发现,通讯会议在一定程度上保证了董事能够亲自出席董事会会议并参加表决。本文的研究为进一步完善上市公司董事会会议机制提供了直接的经验证据。The board is the core of corporate governance. Board meeting is an important way to execute the functions of the board. The telephonic meeting has become the mainstream to have a board meeting in the listed companies of China. Based on the principal-agent theory and the theory of social decision model, we analyzed the basic characteristics of the listed companies in which conduct the telephonic meeting. By comparing the differences of determinant factors between different board meeting forms, and testing the value effect of the different board meeting forms, we found that the listed companies＇ board size, leadership structure, board ownership and a series of governance characteristics influence the companies＇ choices of board meeting forms. The differences of the determinant factors and value effect are significant. This paper also found that the telephonic meeting ensured the director to attend the board meeting and vote. This study provides direct empirical evidence for the further improvement of board meeting mechanism in the listed companies.

关 键 词：董事会 董事会会议 通讯会议 现场会议 公司治理 

分 类 号：F276.6[经济管理—企业管理]