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论文编号：	12679
作者编号：	1120160830
上传时间：	2021/6/21 10:38:43
中文题目：	董事会权威对企业绩效的作用机制研究
英文题目：	Research on the Mechanism of the Board Authority on Enterprise Performance
指导老师：	武立东
中文关键字：	董事会权威；企业绩效；股东异质性；管理层权力
英文关键字：	Board Authority, Enterprise Performance, Shareholder Heterogeneity, Manager Power
中文摘要：	目前，对于董事会的职能，学术界普遍认为董事会在主要的监督职能之外，还应具备向管理层提供咨询建议、维护公司外部资源安全、提升公司管理能力以及采取措施应对危机等多种其他之策，从而帮助公司提升绩效表现。然而，现有对于董事会治理的研究，大多是从董事会的外部特征如规模和独董比例，或是董事会成员的人力与社会资本的角度展开，而忽略了对于董事会权威的探究与认知，对于董事会权威会对企业经营与治理表现有何影响也缺乏足够的理解。有鉴于此，本文基于权威理论的视角，试图界定董事会权威的概念与来源，分析董事会权威的作用机制与影响渠道，研究董事会权威对于企业经营绩效与内部控制质量的影响关系，探索董事会对于企业研发投入的潜在影响，以期对董事会权威领域的研究进行有益的补充。具体来说，首先，本文研究了董事会权威的概念与维度界定，以及作用机制的理论分析。借鉴前人研究，本文认为可以将董事会视为权威影响力的集合，这种影响力的集合体会随着董事会组织成员的更迭或董事会组织运作规则的调整而产生变化。研究从董事会成员的股东身份权威、管理权威、专家权威以及信息权威四个维度来衡量董事会权威，具体而言，股东身份权威与管理权威属于董事会的正式权威层面，是通过所有权和管理职位的获得而产生的权威，而专家权威和信息权威来源于董事会成员个人资源禀赋、管理才能和威望声誉而产生的权威。董事会权威具备四种不同的效应，分别为工具效应、管理效应、顾问效应和信息效应，其对于企业绩效的影响正是通过这四种效用实现的。其次，本文研究了董事会权威对于企业绩效的影响关系，以及股东异质性与管理层权力对其关系的调节作用。基于理论假设与实证检验分析，本文实证检验了董事会权威对于企业绩效的实际影响，以及股东异质性和管理层权力在其中的调节效应。结果发现，董事会权威对于企业绩效存在明显的促进作用；股东异质性对于董事会权威与企业绩效的影响具有正向调节作用，股东异质性越高，则董事会权威对于企业绩效的影响越强；而管理层权力对于董事会权威与企业绩效的影响具有负向调节作用，管理层权力越强，则董事会权威对于企业绩效的影响越弱。最后，本文研究了董事会权威对于企业内部控制质量和企业研发投入的影响关系。通过构建中介效应模型，研究发现：董事会权威对于企业内部控制质量与企业研发投入水平均具有显著的正相关关系；较高水平的董事会权威能促进企业内部控制质量的提升以及企业研发投入的增长。企业内部控制质量与企业研发投入水平对于董事会权威与企业绩效的影响具有部分中介效应，董事会权威既能直接影响企业绩效，也可以通过提高企业内控质量或增加企业研发投入的路径来实现对企业绩效产生影响。总的来说，本文的研究结论有：（1）董事会权威可以分为股东身份权威、管理权威、专家权威与信息权威四个维度。其中，不同的权威维度形成了不同的效应机理，即基于股东身份的工具效应、基于领导结构的管理效应、基于专家身份的顾问效应以及基于社会资本的信息效应，这些有权威塑造的效应能够对企业绩效产生正向影响；（2）股东异质性对于董事会权威与企业绩效的影响具有正向调节作用；（3）管理层权力对于董事会权威与企业绩效的影响具有负向调节作用；（4）企业内部控制和企业研发投入水平对于董事会权威与企业绩效的影响具有部分中介效应。本研究的创新点主要有以下几方面：首先，本研究为董事会治理研究提供了新的理论视角，通过引入社会学与组织学中的权威概念，为董事会治理的相关研究提供了新的思路与可能的方向。其次，构建了董事会权威的多维度衡量指标。本文对董事会权威的维度进行了细致的划分，将其分为股东身份权威、管理权威、专家权威与信息权威，提出了每个维度的权威对应的董事会成员特质，并对各个维度的权威进行了度量。最后，研究对董事会权威影响力的作用进行了初步探索，从理论和实践层面分析了董事会权威对内部控制质量、研发投入水平与企业绩效的影响，以及股东异质性与管理层权力对董事会权威的调节作用。本研究的局限在于：第一，由于目前对于董事会权威概念的界定在学术界尚未形成统一标准，对于董事会权威产生来源与影响路径也仍有大量讨论的空间，所以本研究对于董事会权威的度量也存在一定的局限性。第二，受限于文章篇幅的限制，本研究对董事会权威对企业绩效的影响机制进行了分析与实证检验，而对于各个维度的分项权威的作用机制与效用路径仅从理论层面进行了逻辑链条的讨论，而未能对具体的路径产生机制进行实证分析。第三，本研究对于董事会权威的研究仅限于董事会整体权威水平的所产生的影响，而未对董事会成员个体间权威的差异与由此产生的层级差距进行分析。最后，受限于部分数据可得性的问题，本研究所使用的样本数据截止于2018年。然而2018年后，是我国经济由高速发展向高质量发展转型、国有企业法人治理结构完善的关键时期。未来仍需要对该研究问题进行持续关注与深入探索。
英文摘要：	At present, as for the functions of the board of directors, the academic world generally believes that in addition to the main responsibility for supervision, the board of directors should also have other strategic functions, such as providing consulting advice to the management, maintaining the safety of the company's external resources, improving the company's management ability and taking measures to deal with crises, as to help the company improve its performance. However, the existing studies on governance of the board of directors are mostly conducted from the perspective of the external characteristics of the board of directors, such as the size and proportion of independent directors of the board of directors, or the human capital and social capital of the board members, while ignoring the exploration and cognition of the authority of the board of directors. There is also a lack of in-depth understanding of the influence of the authority of the board of directors on enterprise operation and management effect. In the views mentioned above, from the perspective of authority theory, this study tries to define the concept and source of board authority. In order to make a beneficial supplement to the research in the field of board of directors authority, this study conducted from analyzing of the mechanism of action and influence method of the board of directors authority, to studying the influence of the board of directors authority on the business performance of enterprises and the quality of internal control, and to the exploring the potential influence of the board of directors on enterprise research and development investment. To specify, the first main content of this study is the definition and dimensions of the authority of the board of directors, and the theoretical analysis of the mechanism of action. Based on previous studies, this study believes that the board of directors can be regarded as a collection of authority and influence. This kind of influence will change with the changing of the members of the board or the adjustment of the operating rules of the board. The research measures the authority of the board of directors from four dimensions, which are, shareholder identity authority, management authority, expert authority and information authority. Particularly, the authority of shareholders' identity and management belong to the formal authority of the board of directors, which is generated by the acquisition of ownership and management positions. The authority of experts and information authority comes from the personal resource endowment, management ability and prestige of the board of directors. The authority of the board of directors has three different kinds of utility, which are instrumental utility, signal utility and psychological utility, and its influence on enterprise performance and internal control quality is realized through these three kinds of utility. The second main content of the study is the influence of board authority on corporate performance and the quality of internal control. Based on theoretical hypothesis and empirical analysis, this study empirically tested the actual influence of board authority on enterprise performance and the mediating effect of internal control effect. The results show that the authority of the board of directors has a significant promoting effect on corporate performance. The authority of the board of directors can not only directly, but also through improving the level of internal control, affect the performance of enterprises. Shareholder heterogeneity has a positive moderating effect on board authority and enterprise performance. The higher the shareholder heterogeneity is, the stronger the influence of board authority on enterprise performance is. However, management power has a negative moderating effect on board authority and enterprise performance. The stronger the management power is, the weaker the influence of board authority on enterprise performance is. The third main content of the study is the influence of board authority on enterprise research and development investment. By constructing a moderated mediating effect model, it is found that the authority of the board of directors has a significant positive correlation with the level of research and development investment. When the board of directors has a high level of overall authority, they will make decisions to increase research and development investment. The increasing of enterprise research and development investment has positive effect on enterprise. Higher research and development investment can bring better enterprise performance. Research and development investment level has a partial mediating effect on the influence of board authority and enterprise performance. The authority of the board of directors can not only directly, but also through increasing research and development investment, affect the performance of enterprises. The level of internal control moderates the mediating effect of board authority, enterprise research and development investment and enterprise performance. The higher the level of internal control, the stronger the positive influence of board authority on enterprise's research and development investment, and more obvious the promoting effect of board authority and enterprise's research and development investment on enterprise's performance. In general, the research conclusions of this study are as follows. (1) The authority of the board of directors can be divided into four dimensions: shareholder identity authority, management authority, expert authority and information authority. Among them, different authority dimensions form different effect mechanisms. The tool effectiveness based on shareholder identity, the management effect based on leadership structure, the advisory effect based on expert identity and the information effect based on social capital. These effects with authority shaping can have a positive impact on corporate performance. (2) Shareholder heterogeneity has a positive moderating effect on the influence of board authority and enterprise performance. (3) The management power has a negative moderating effect on the influence of board authority and enterprise performance. (4) Internal control and research and development investment level have partial mediating effect on board authority and enterprise performance. The innovation points of this study are mainly as follows. First, this study provides a new theoretical perspective for governance of the board of directors’ study. By introducing the concept of authority in sociology and histology, it provides new ideas and possible directions for the related research of governance of the board of directors. Secondly, this study constructs a multi-dimensional measurement index of board authority. In this study, the dimensions of the authority of the board of directors are carefully divided into shareholder identity authority, management authority, expert authority and information authority. Furthermore, the characteristics of board members corresponding to authority of each dimension are proposed, and the authority of each dimension is measured. Finally, this study has made a preliminary exploration of the influence of board authority, and analyzed the influence of board authority on internal control quality, research and development investment level and enterprise performance from the theoretical and practical levels, as well as the moderating effect of shareholder heterogeneity and management power on board authority. The limitations of this study are as follows. First, as the definition of the concept of board of directors authority has not yet formed a unified standard in the academic world There is still a great extant for discussion on the sources and influence methods of board of directors authority. Therefore, there are some limitations in the measurement of board authority in this study. Second, even though this study analyzed and empirically tested the influence mechanism of board authority on corporate performance, the mechanism and utility mode of authority in each dimension from the theoretical level are only discussed in a logical chain, yet not able to conduct an empirical analysis on the specific path generation mechanism. Thirdly, the research on the authority of the board of directors is limited to the influence of the overall authority level of the board of directors, yet the differences of authority among individual board members and the resulting hierarchical gap are not analyzed. Finally, limited by the availability of part of the data, the sample data used in this study is further up to the year 2018. However, starting from 2018, China's economy came to a transition period from high-speed development to high-quality development, and it is also a critical period for the improvement of the governance structure of state-owned enterprises as legal persons. In the future, further durable and in-depth attention will be required and conducted to this research subject.
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