外籍董事、组织合法性与企业可持续成长  

Foreign Directors, Organizational Legitimacy and Corporate Sustainable Growth

作　　者：张琛[1] 王锦[2] 刘想[3] ZHANG Chen;WANG Jing;LIU Xiang(Anhui University,Hefei 230601;Anhui Agricultural University,Hefei 230036;Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]安徽大学商学院,安徽合肥230601 [2]安徽农业大学经济管理学院,安徽合肥230036 [3]首都经贸大学工商管理学院,北京100070

出　　处：《当代财经》2018年第7期79-89,共11页Contemporary Finance and Economics

基　　金：国家自然科学基金面上项目"制度逻辑;包容性领导与企业成长战略的形成及作用机制研究"(71472001);国家自然科学基金面上项目"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);安徽省哲学社会科学项目"非正式制度;‘MD和A’信息披露与财务业绩关系研究"(AHSKQ2016D16)

摘　　要：企业引入外籍董事的目的是为了提高董事会决策水平和规范董事会行为,从而获得利益相关者认可、提高组织合法性,最终实现可持续成长。以沪深两市2011—2015年的上市公司为研究样本,通过实证研究发现:外籍董事的设置有利于组织合法性的提高,这种治理效果很大程度是由外籍董事带来的先进管理经验而非摒弃人情干扰产生的。此外,研究还发现,组织合法性的提高有利于企业可持续成长,并且外籍董事和具有海外背景的中国大陆籍董事的设置有助于增强这两者的正相关关系。The purpose of introducing foreign directors is to improve the level of decision-making of the board of directors and standardize its behaviors, so as to obtain the recognition of stakeholders,improve the organizational legitimacy and finally achieve sustainable growth. Taking the listed companies in Shanghai and Shenzhen stock markets from 2011 to 2015 as research samples, this paper conducts an empirical study. The findings show that the introduction of foreign director is conducive to the improvement of organizational legitimacy. This kind of regulation effect is to a large extent produced by the advanced management experiences brought about by the foreign directors, rather than by removing the interference of human relations. In addition, it is also found that the improvement of organizational legitimacy is conducive to corporate sustainable growth; and having foreign directors and Chinese mainland directors with overseas background could both promote the positive correlation.

关 键 词：外籍董事 组织合法性 企业可持续成长 

分 类 号：F270.7[经济管理—企业管理]