CAJ | 학술논문

关于连锁董事对公司绩效产生正面影响还是负面影响的争论一直存在。一种假设认为，连锁董事在转型经济中能够弥补市场失灵和制度漏洞。从而有助于改善公司绩效。而另一相对的假设则认为，转型中的公司治理失灵催生了连锁董事作为一种社会凝聚的工具，有利于实现管理层利益的最大化。但是，还尚未有在制度变迁背景下对这一问题的研究。利用中国当前制度变迁的大环境，我们建立了284家上市公司连续八年的面板数据库。并针对以上两个假设进行了实证检验，研究结果发现，连锁董事的网络核心度与企业绩效呈负相关关系，即处于连锁董事网络中越核心位置的企业其绩效越差。该结果支持了治理失灵假设。本研究对连锁董事网络研究、公司治理以及转型经济研究具有重要借鉴。
관우련쇄동사대공사적효산생정면영향환시부면영향적쟁론일직존재。일충가설인위，련쇄동사재전형경제중능구미보시장실령화제도루동。종이유조우개선공사적효。이령일상대적가설칙인위，전형중적공사치리실령최생료련쇄동사작위일충사회응취적공구，유리우실현관리층이익적최대화。단시，환상미유재제도변천배경하대저일문제적연구。이용중국당전제도변천적대배경，아문건립료284가상시공사련속팔년적면판수거고。병침대이상량개가설진행료실증검험，연구결과발현，련쇄동사적망락핵심도여기업적효정부상관관계，즉처우련쇄동사망락중월핵심위치적기업기적효월차。해결과지지료치리실령가설。본연구대련쇄동사망락연구、공사치리이급전형경제연구구유중요차감。
There is a continued debate on whether interlocking directorates positively or negatively influence firm performance. One hypothesis suggests that interlocking directorates help fill the institutional voids during the transition and thus help improve firm performance. A competing hypothesis argues that corporate governance failure drives interlocking directorates as a social cohesion device to facilitate managerial exploitation of shareholders＇ interests. However, no previous study has investigated this crucial issue in the context of institutional transition. Taking advantage of China＇s institutional transition, we amass a longitudinal database from 284 listed firms spanning eight years （1994-2001）. The research results show that network centrality negatively influences firm performance, thus supporting the corporate governance hypothesis.