董事会行为合法性与公司绩效  

The Legitimacy of Board Behavior and Corporate Performance

作　　者：王丹丹[1] 王宁宁[1] 

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233030

出　　处：《兰州财经大学学报》2017年第4期99-109,共11页Journal of Lanzhou University of Finance and Economics

基　　金：国家自然科学基金项目"国有企业多元治理逻辑;董事会行为合法性与企业可持续成长"(71572001);安徽财经大学研究生科研创新基金项目"董事会行为合法性与公司绩效相关性研究"(ACYC2016199)

摘　　要：目前关于董事会行为合法性与公司绩效之间关系的研究还较少,这不利于在实务上为企业的董事会治理提供理论指引。本文依据制度理论,引入合法性概念,以2011—2015年我国A股上市公司中的指数成分股沪深300为样本,区分国有企业和民营企业研究了董事会行为合法性对公司绩效的影响,结果发现董事会行为合法性与公司绩效正相关,且在民营企业中这种相关性更为显著。具体作用路径为:董事会通过提升合法性水平来获得利益相关者的认可,而利益相关者的认可使其更容易与外部建立联系和获取稀缺资源,从而提高公司绩效。Much less attention has been presently paid to the relationship between the legitimacy of board behavior and corporate performance,which would fail to provide theoretical guidance for board governance. With the introduction of the concept of legitimacy,this paper analyzes the influence of the legitimacy of board behavior on corporate performance with the listed companies of Shanghai and Shenzhen 300 in A-share during 2011-2015 as a sample,and by distinguishing between state-owned enterprises and private enterprises,it also suggests that the legitimacy of board behavior is positively related to corporate performance,and this correlation is more significant in private enterprises. It works in the way that the board of directors gains stakeholders＇ recognition by raising the level of legitimacy,and the stakeholder＇s approval,in turn,facilitates the Board＇s easier connection with the outside and access to scarce resources to improve corporate performance resultantly. This paper enriches the research on the legitimacy of board behavior and the relevant literatures of the legitimacy of board behavior and corporate performance,which is of great significance to the governance of the board of directors and the sustainable development of the company.

关 键 词：董事会行为 合法性 公司绩效 

分 类 号：F276.6[经济管理—企业管理] F224[经济管理—国民经济]