CAJ | 학술논문

董事的个体行为镶嵌在所处的社会网络中，并对其治理行为有效性产生影响，但传统的公司治理研究忽视了网络关系的作用。近几年公司财务和治理领域的国外学者逐渐从社会网络视角对其进行研究。本文则从董事的网络关系定义、董事网络及其公司治理行为和董事一管理层的私人连带关系与公司治理等领域进行综述。研究发现董事倾向于通过现有和以往的职业和教育背景、职位兼任等建立网络关系；董事网络从管理层监督和政策建议制定两个方面对公司治理有效性产生影响，但证据并不统一；董事一管理层的私人连带关系则降低了董事会独立性，成为实现管理层机会主义行为的手段，更多地带来了负面作用。我们认为，现有研究中董事网络关系的定义边界模糊，衡量其网络位置的分析方法较为随意，且并未区分不同类型董事的网络作用差别。基于此本文指出了在“关系型社会”主导下的中国资本市场董事网络关系与公司治理潜在的研究方向，对国内尚未深入的“社会网络和公司治理”研究具有借鉴意义。
동사적개체행위양감재소처적사회망락중，병대기치리행위유효성산생영향，단전통적공사치리연구홀시료망락관계적작용。근궤년공사재무화치리영역적국외학자축점종사회망락시각대기진행연구。본문칙종동사적망락관계정의、동사망락급기공사치리행위화동사일관리층적사인련대관계여공사치리등영역진행종술。연구발현동사경향우통과현유화이왕적직업화교육배경、직위겸임등건립망락관계；동사망락종관리층감독화정책건의제정량개방면대공사치리유효성산생영향，단증거병불통일；동사일관리층적사인련대관계칙강저료동사회독립성，성위실현관리층궤회주의행위적수단，경다지대래료부면작용。아문인위，현유연구중동사망락관계적정의변계모호，형량기망락위치적분석방법교위수의，차병미구분불동류형동사적망락작용차별。기우차본문지출료재“관계형사회”주도하적중국자본시장동사망락관계여공사치리잠재적연구방향，대국내상미심입적“사회망락화공사치리”연구구유차감의의。
Director＇ s behavior is embedded in the social network, and the network relations can influence director＇ s governance role. In recent years literature related to board＇ s social network emerges, so this paper reviews the existed research from the board network definition, network and its governance role, social relations and its governance role. Research shows that board directors tend to build relationship with current or past employment position or education. The network can play a role in both monitoring and advising perspectives, but the evidences are mixed. The board - management social relationship can decrease boards＇ independence and be a channel of managerial individualism. Lastly we point out the problem and give suggestions to future related research in Chinese capital market. In China, research related to the board network is now scarce, however, the distinctive background such as importance of Guanxi, and influence of traditional culture of Confucius bring interesting perspectives to the board network research.