CAJ | 학술논문

本文以董事会治理研究为主题，对几十年来相关研究的理论基础进行了梳理，对不同理论的基础观点、实证支持和最新进展等内容进行了综合阐述，对这些理论各自的局限性做出了评价，有利于我们进一步了解董事会运作机理和提高董事会治理效果。在此基础上，我们以提高治理绩效为宗旨，构建了一个董事会治理研究的逻辑框架体系，藉此可以看出，已有研究对董事会属性、角色与绩效之间关系的作用途径和机理还了解较少，特别是随着公司治理实践的不断发展和经济环境的变化，对于董事会治理的研究还有大量的未知领域需要去探索。最后我们列出了今后董事会治理研究的一些思路和建议。
본문이동사회치리연구위주제，대궤십년래상관연구적이론기출진행료소리，대불동이론적기출관점、실증지지화최신진전등내용진행료종합천술，대저사이론각자적국한성주출료평개，유리우아문진일보료해동사회운작궤리화제고동사회치리효과。재차기출상，아문이제고치리적효위종지，구건료일개동사회치리연구적라집광가체계，자차가이간출，이유연구대동사회속성、각색여적효지간관계적작용도경화궤리환료해교소，특별시수착공사치리실천적불단발전화경제배경적변화，대우동사회치리적연구환유대량적미지영역수요거탐색。최후아문렬출료금후동사회치리연구적일사사로화건의。
Focusing on the theme of the governance of boards of directors, we review and synthesize empirical research findings on the impact of boards of directors on corporate performance, and confirm the basic theories from recent decades. The limitations of different theories and relevant prior studies are also discussed. These works are beneficial to advancing our understanding of the mechanism of boards Of directors and improving their practical effects. Furthermore, we construct an integrative model of board attributes （composition, characteristics, structure, and process）, roles （service, strategy, and control）, and performance （accounting performance, financial performance, investment return, market performance, social performance and innovation） with the internal context （ownership structure, firm life cycle, CEO-style, company size, corporate resource situation） and external context （industry type, institutional investors, legal requirements, and governance scandals）. Existing research evidence on board variables incorporated into this model helps to explain the major shortcomings of previous studies. From this model we can see that there is .less knowledge about the direction and mechanism of the impact of characteristics and roles of boards of directors on firm performance, especially considering the evolution of governance practices and the dynamic nature of external regulations and other environments. Thus, we still have plenty of opportunities to expand the research in many aspects and fields. We offer an agenda for future studies in this promising area of empirical research, which will be helpful in validating the links among board variables, roles, company performance, and documenting effects of changes in board variables and circumstances on changes in company performance. This includes features such as paying more attention to field studies of how boards make their decisions considering their structure and processes, broadening the definition of company performance in the literature, conducting comparative research on board attributes, including international comparisons, and exploring the lag effect of board characteristics on organizational effectiveness criteria.