联系我们

论文查询结果	返回搜索

论文编号：	8327
作者编号：	1120130816
上传时间：	2016/6/7 19:15:13
中文题目：	董事网络的价值效应研究——基于董事会职能的视角
英文题目：	Research on the Value Effect of Board Network: Based on the Perspective of Board Functions
指导老师：	马连福
中文关键字：	董事网络；董事会职能；价值效应；社会网络
英文关键字：	Board Network；Board Functions；Value Effect；Social Network
中文摘要：	董事会治理一直是公司治理的研究核心。目前，围绕董事会功能的研究基本上沿着两条主线，一是大量研究多集中于董事会结构视角，探讨董事会规模、董事会构成、独立董事比例等结构性指标对公司价值的影响。但在针对我国的研究中，随着监管制度的逐步完善，上市公司治理结构性变量逐渐趋同，董事会的表征变量并不能很好地揭示其影响公司治理效果的路径。二是基于社会网络“信息”和“资源”层面的董事网络视角。社会网络理论阐述了组织如何利用网络关系获得社会资源，基于网络的工具性，社会网络是一种社会资本，网络中信息的传递蕴含着投资和回报。将社会网络运用到董事会治理，本文从董事会职能的视角研究董事网络的价值效应，基于董事网络的决策建议价值、监督价值和资源价值，构建了董事网络的价值效应的作用路径，并检验了宏观、微观环境对上述关系的影响。 借鉴社会网络的分析方法，从上市公司年报中手工搜集董事信息，以董事为联接纽带、以董事会为节点，本文构建了董事会——董事会网络矩阵，并计算出董事会的网络位置数据，以探索董事网络的价值效应。本文研究结论如下：董事会网络位置与决策建议价值正相关；董事会网络位置越趋于中心，其资源价值和监督价值越高。进一步地，本文将宏观层面的经营风险和市场化程度以及微观层面的产权性质和CEO权力纳入董事会治理研究框架，分析上述因素对董事网络价值效应的影响，结果表明，董事网络通过控制经营风险提升决策建议价值，并在经营风险程度较高时权衡机会与风险，有效发挥资源价值和监督价值。市场化程度越高，网络位置对决策建议价值、资源价值、监督价值的促进效果越好。市场化程度与内部治理机制之间是互补关系，市场化程度对公司内部治理机制的建设只能起到“锦上添花”的作用，并不能带来“雪中送炭”的效果。民营企业的经营目标更加明确，董事会治理更加有效，董事网络关系的价值效应更显著。CEO权力抑制了董事网络决策建议价值和监督价值效应的发挥。 本文的创新点有：本文构建了董事网络价值效应的研究模型，基于董事会的基本职能分析董事网络价值效应的作用路径，深入挖掘了董事网络对董事会职能发挥的影响机理；区别于个体层面的研究，从以董事会为单位的集体网络视角探索董事网络的治理效应和价值效应，丰富了董事会治理有效性研究；从“信息效应”和“资源效应”层面探索了董事网络资源价值的作用路径，为解决企业融资难问题提供了理论依据。
英文摘要：	The board governance is the key point of corporate governance research all the time. At present, the research around the function of board basically along two main lines, one is that a large amount of research has focused on the board structure perspective, discusses the influence of structural indexes such as the board size, board composition, independent director proportion on the value of the company. But in the study of our country, with the supervision system gradually becomes perfect, the listed company governance structural variables become the same, the characterization of the board variables can’t perfectly reveal the path of corporate governance effect. The second is the board network perspective, which is based on ‘information’ and ‘resource’ level of the social network theory. The social capital theory elaborated the organization use social network to acquire social resources. Based on the instrumental aspect of network relationship, social network is a kind of social capitals; the network information transmission contains investment and return. As the social network theory is applied to the board of network governance, this article study the influence of board network relationship on company value creation from the board functions perspective. Based on the decision-making and consultation, supervision and resources providing value effect of the board network, we build the value path of the board network on corporate value creation, and examine the influences of macro-environment and macro-environment on the above relationships. Referring to the social network analysis method, we gather the director information from the annual reports of listed companies in manual. The directors as connecting linkages, the boards as the nodes, this paper construct the board network matrix, calculate the network location data of the board, and explore the board network value effect. The research conclusions are as follows: the network position positive correlates with the value effect of decision-making and consultation, resourses providing and supervision. Board network could supervise management’s behavior effectively and reduce agency problems. Furtherly, this article put the macro-environment and macro-environment factors which is including operational risk, marketization degree, property rights and CEO power into the research framework, analyzes the effect of above factors on the board network value effect. The results show that the board network enhance the value of decision-making and consultation by controlling the degree of operational risk, board network make the value of resources providing and supervision of the board effectively through balancing the risks and opportunities in high degree of operational risk environment. Compared with the lower marketized regions, the promoting effect of network location on three value effect of the board is more significant in higher marketized regions. External governance mechanism and internal governance mechanism is the complementary relationship. The external environment can only play the role of ‘the icing on the cake’ to the construction of internal governance mechanism, instead of providing timely help. Private enterprises’ business objective is more clearly, board governance is more effective, the value effect of board network is more significant in private enterprise samples. CEO power suppresses the network promotion effect on board decision-making and consultation and supervision value. The possible innovation points are as follows. Firstly, this paper constructs the model of board network value effect, based on basic functions of the board, through comprehensively measuring the paths of value effect by the board network, we deeply analyze the influence mechanism of the board network to board function. Secondly, Different with the study from individual level, this paper explores the governance effect and value effect of the board from collective network unit perspective, enriches the existing research of board governance effectiveness. Thirdly, we explore the resource providing value of the board from the level of information effect and resources effect, and further analyze the mechanism of the board network resource providing value, provide theoretical basis to solve the problem of financing constraints.
查看全文：	预览  下载(下载需要进行登录)