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论文编号：	7638
作者编号：	1120090722
上传时间：	2015/6/24 21:35:11
中文题目：	独立董事治理对公司战略转型影响研究
英文题目：	The Influence of Independent Directors Governance on Strategic Transformation
指导老师：	薛有志
中文关键字：	战略转型；独立董事；公司治理；激励机制
英文关键字：	Strategic transformation; independent director; corporate governance; incentive mechanism
中文摘要：	世界经济一体化进程的加快提高了全球资源配置和流动速率，使企业的生存环境发生了深刻的变化。在竞争日趋激烈的市场环境下，越来越多的企业主动实施战略转型以寻求新的增长。战略转型的理论研究自20世纪80年代开始出现，此后学者们分别从决策、过程、管理者行为等多个角度就战略转型问题开展研究。而在影响企业成功实施战略转型的内外部要素中，以独立董事为代表的公司治理视角日益受到关注。委托代理理论认为，独立董事可以为企业提供监督制衡和咨询建议两方面职能，进而提升公司价值。当公司以战略转型的方式寻求生存和发展时，独立董事可以通过积极参与公司治理对公司的战略产生影响，并直接推动战略转型。特别是在当前市场环境中，我国上市公司“一股独大”、“内部人控制”等现象相对普遍，独立董事发挥监督职能受到制约。在此情况下，利用自身的知识、资源和能力等优势为企业战略转型的决策和实施提供有益的帮助，成为独立董事履行职责的有效路径。 在此背景下，本研究基于对相关研究成果的梳理和分析，从独立董事治理的视角出发，研究了独立董事对于战略转型的影响，以及独立董事激励作为保障机制的治理效应。针对现有研究关于独立董事有效性的质疑，本研究认为独立董事没有发挥应有作用的论断主要是基于监督职能是否发挥而做出的，而在独立性难以得到有效保障的情况下，独立董事不足以制衡控股股东似乎是必然的结果。而在咨询建议的职能方面，独立董事应存在更大的发挥影响力的空间。独立董事参与公司战略转型的决策与执行等重大事务，可以通过自身具备的人力资源和社会资源，为公司经营决策提供来自外部的创新性思路，使战略决策等管理事项更加科学合理。本研究主要试图回答三个问题：第一，独立董事特征对于公司战略转型有怎样的影响？第二，独立董事影响公司战略转型的因素和路径是什么？第三，随着介入独立董事影响战略转型进程，激励机制能否更有效地推动战略转型？ 本文首先对战略转型中的独立董事影响因素及优化机制做了理论分析和逻辑推理，分别从战略结构、战略过程和战略内容等维度分析和阐述了独立董事在战略转型中起到的作用，研究独立董事的特征、激励方式对于战略转型的影响机制，并构建了独立董事影响战略转型理论模型。进而结合独立董事在规模、任职、年龄等方面的结构特征，教育、职业、社会关系等方面的背景特征，以及参会次数、提出独立意见情况等行为要素，提出独立董事影响战略转型的研究假设，并检验独立董事影响情境下，激励机制对于战略转型的调节作用。在构建理论框架和研究假设的基础上，本文利用2008-2012年我国制造业上市公司的数据进行了实证分析。 本文研究结论认为：（1）独立董事能够推动企业的战略转型，其中独立董事专业委员会任职特征、职业背景特征等指标对于战略转型的正向影响显著。同时，由于战略转型的实战性特点，独立董事的规模比例、受教育情况及社会背景等相对泛化的结构性特征并未产生实质性影响。（2）独立董事的参与行为对战略转型作用有限，独立董事的勤勉参会并未过多涉及战略类问题，不能就战略转型事项进行有效参与，因此对于影响战略转型的作用发挥仍然存在较大潜力。（3）相比于物质激励，独立董事更加注重声誉机制产生的影响。声誉激励能够促进独立董事更为积极地参与到公司治理中去，而且对于其影响企业战略转型也能够起到有效的推动作用。而薪酬激励的仅仅作为独立董事付出的补偿性回报，没有带来更大的激励效用。 本研究的创新体现在三个方面：一是本文突破了以往研究中以绩效为导向探究独立董事制度有效性的传统范式，从战略转型的视角研究独立董事治理效应的问题，把独立董事制度的研究上升到公司战略的层面。二是在有关独立董事职能现有理论框架的基础上，对独立董事职能特征与激励机制的关系进行了分析。三是在关注现有研究中成果关于独立董事制度主要治理维度的同时，对独立董事的行为变量进行了更为深入研究和分析。本研究对于改善独立董事治理水平，推动公司战略转型科学化、规范化，优化独立董事参与战略转型治理机制，以及提升公司的核心竞争力和可持续发展能力具有一定的理论和实践意义。
英文摘要：	The accelerating of economic globalization improved the efficiency of resource allocating and rating of resources flowing, thus made the enterprise's survival environment changing profoundly. In the increasingly competitive market environment, more and more companies positively implement strategic transformation to seek new growth. The theoretical research of strategic transformation began from 1980s, since then scholars paid attention to strategic transformation respectively from various perspectives such as decision-making, process, management behavior. Among the external and internal factors influencing the successful implementation of the strategic transformation, the corporate governance mechanism represented by independent directors is becoming more and more attractive. Based on the agent theory, independent directors provide two functions as supervising and consulting to raise the value of companies. When a company searches for survival and development by strategic transformation, the independent directors will influence company’s strategy by actively participating in corporate governance and directly promote the strategic transformation. Especially in the current market environment, because the "one single large shareholder" and "internal control" phenomenon is relatively common in Chinese listed companies, supervision function of independent directors is restricted. In this case, taking the advantages of their knowledge, resources and abilities to provide beneficial help for the decision-making and implementation of enterprise’s strategic transformation, becomes the effective path for independent directors to perform their duties. Based on the literature reviewing and analyzing, this study researched the effect of the independent director to strategic transformation, and the governance effect of independent directors’ incentive mechanism. For the view of invalidity of independent director mechanism by existing researches, this study suggests that the conclusion of independent directors didn't play their role is mainly based on supervision function. But the result that independent directors could not balance controlled shareholders effectively is because of the independence can hardly be guaranteed. While on the aspect of consulting function, the independent directors should have greater influence. When independent directors participate in decision-making and execution of company strategy transformation, they can provide innovative ideas for top-management by their human resources and social resources, which would make strategic decisions and other management issues more scientific and reasonable. Thus this study mainly attempts to answer three questions: Firstly, what effects have independent directors impact on strategic transformation of companies? Secondly, what are the factors and paths which influencing the company's strategic transformation by independent directors? Thirdly, with the intervention of independent directors to participate in strategic transformation, can incentive mechanism effectively promote the transformation? This study firstly made the theoretical and logical analysis for the impact factors and optimized mechanisms of promoting strategic transformation by independent directors. We analyzed the role of independent directors in process of strategic transformation by dimensions of strategic structure, procession and content, researched how the characteristics and incentives of independent directors impact on strategic transformation, and built the theory model of influencing of strategic transformation by independent directors. Furthermore, combined with the independent directors’ structure characteristics including scale, assignment and ages, background characteristics including education, profession and social relationship, action factors including attending board meetings, giving suggestions, this study proposed research hypotheses of the influence on the independent director for strategic transformation. And research the moderating effect by independent incentive mechanism. On the basis of constructing the theoretical framework and making the research assumptions, this article has carried on the empirical analysis by using data from 2008-2012 manufacturing listed companies in our country. We made conclusions that: (1) the independent directors can promote strategic transformation, especially the position of committees and professional backgrounds have the significant effect on strategic transformation. Meanwhile, the general factors as independent directors’ ratio, education backgrounds and social backgrounds didn’t have impact on transformation. (2) The participant actions of independent directors made limited influenced on strategic transformation. Because of meetings that independent directors attended scarcely involved in strategic issues, they could not participate in strategic transformation effectively. (3)Independent directors pay more attention to reputation incentives than compensation incentives. Reputation incentives promote the independent director to more actively participate in corporate governance, and can also play an effective role for its influence of strategic transformation. Salary incentive of independent director acts just as compensatory returns did not bring greater incentive effect. The innovation of this study lies in three aspects: firstly, this study broke though previous research paradigm which is performance-oriented on the validity of independent director system, researched on issue of independent director governance effect from the perspective of strategic transformation, thus improved the study of the independent director system up to the strategic level. Secondly, based on the functions of independent directors on the existing theoretical framework, analyzed the relationship between the characteristics of functions of independent directors and incentive mechanism. Thirdly, while researched on the common governance dimensions of independent director system, this study pay more attention on the behavioral variables. This study has a certain theoretical and practical significance for improving the independent director level, to promote scientific, standardized, company strategy transition optimization of governance mechanism of independent directors to participate in the strategic transformation and promote the company's core competitiveness and sustainable development ability.
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