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论文编号：	6447
作者编号：	1120110779
上传时间：	2014/6/10 18:55:45
中文题目：	董事会资本对公司治理的影响效应研究
英文题目：	The Effect of Board Capital on Corporate Governance
指导老师：	马连福
中文关键字：	董事会资本；公司治理；代理理论；资源依赖理论；治理路径
英文关键字：	Board capital; Corporate governance; Agency theory; Resource dependence theory; Governance path
中文摘要：	董事会在公司治理中居于核心地位。以往的研究发现具有相同结构和机制的董事会，其治理决策却千差万别，这导致董事会治理研究面临巨大的挑战和考验。因此，本文借鉴前人的研究成果，使用“董事会资本”来评价董事会，并依据代理理论和资源依赖理论，将其划分为丰富性和深入性两个部分。其中，董事会资本丰富性包括董事会资本职能、职业和兼职丰富性；董事会资本深入性包括董事会成员在本行业工作变量、外部董事本职工作在本行业变量以及外部董事兼职工作在本行业变量。据此，本文分别考察董事会资本丰富性和深入性对公司治理的影响效应，并讨论微观因素（CEO权力和股权结构）和宏观因素（产权背景和制度环境）在其中的约束作用。通过分析董事会资本对公司治理的作用机制，本文构建了董事会资本对公司治理影响效应的研究模型。 在逻辑推演和实证检验基础上，本文主要得出如下的研究结论：一、董事会资本丰富性对公司治理有显著的正影响。二、董事会资本深入性对公司治理有负影响，但是不显著。三、CEO权力和股权集中度显著减弱董事会资本丰富性各变量和外部董事兼职工作在本行业变量对公司治理的正影响。四、董事会资本丰富性和深入性存在产权背景的差异。五、不同制度环境下，董事会资本丰富性和深入性对公司治理的影响效应不同。 通过研究，本文主要有以下三个方面的创新：一、以公司治理为被解释变量，考察董事会资本的贡献。与过去的研究不同，本文认为董事会资本不会直接、及时地影响公司长期形成的战略和绩效，它必须通过公司治理决策的优化，来影响战略选择和经营业绩，因此，需要考察董事会资本对公司治理的作用机制。二、构建了董事会资本对公司治理影响效应的研究模型。通过该模型，可以揭示董事会资本影响公司治理的内在机制，以及其中的约束作用。三、探索了董事会资本的治理路径，并提出了相应的对策建议。希望本部分的论述能够帮助我国资本市场上的上市公司合理配置董事会资本，实现公司治理的最优化。
英文摘要：	The board of directors is taking centre stage in the corporate governance. Precious studies have found that boards with the same or similar structure and mechanism have different results in corporate governance decision. Borrowing from former researches, this paper uses “Board Capital” to value the resource of the board of directors. Building upon agency theory and resource dependence theory, I divide board capital into the heterogeneity and embeddedness. The heterogeneity of board capital includes three aspects: function, occupation and part-time job of directors. And the embeddedness of board capital consists of three indicators: directors’ past jobs, outside directors’ own jobs and outside directors’ part-time jobs in companies’ industry. In addition, this paper also investigates the effects of micro and macro factors between board capital and corporate governance, such as CEO power, equity concentration, property rights and institutional environment. Through above analysis, I also establish the research model. After analyses, this study reaches conclusions as follows: Firstly, the heterogeneity of board capital leads to better corporate governance. Secondly, the embeddedness of board capital has adverse effects on corporate governance, but the result is non-significant. Thirdly, CEO power and equity concentration significantly weaken the positive effect of the heterogeneity of board capital and outside directors’ part-time jobs of companies’ industry on corporate governance. Fourthly, the heterogeneity and embeddedness of board capital have differences in property rights. Finally, the heterogeneity and embeddedness of board capital have different effect on corporate governance in different institutional environment. The mainly value and innovation as follow: First of all, using corporate governance as the explanatory variable, this paper studies the contributions of board capital. Different from previous researches, I believe board capital did not affect strategy and performance directly and in time. It can improve companies’ strategy and performance in the long-time through corporate governance decision. Therefore, it is necessary to find out the mechanism of board capital on corporate governance. Moreover, this paper establishes the research model. Model discloses the inherent mechanism of board capital acting on corporate governance and constraint mechanism of micro and macro variables. Last but not least, this paper reasons the governance path of board capital and makes some proposals, hoping to help companies in listed use board capital rationally and improve corporate governance.
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