CAJ | 학술논문

现有的董事会治理有效性研究大都围绕董事会对企业价值的直接影响和董事会监督职能的执行效果两种思路而展开,有一定片面性。本文从多元化战略决策的视角对董事会治理有效性进行研究,理论分析了董事会特征对其治理有效性的影响路径并提出相应假设,进而运用2007至2009年沪市A股上市公司数据为样本对假设进行了实证检验。结果发现,董事会规模的缩减、独立董事比例的增加、董事长与总经理两职合一有助于企业做出恰当的战略决策,提升企业价值,提高董事会治理的有效性;战略委员会的设置虽对董事会战略决策职能的发挥有积极作用,但作用尚不明显。
현유적동사회치리유효성연구대도위요동사회대기업개치적직접영향화동사회감독직능적집행효과량충사로이전개,유일정편면성。본문종다원화전략결책적시각대동사회치리유효성진행연구,이론분석료동사회특정대기치리유효성적영향로경병제출상응가설,진이운용2007지2009년호시A고상시공사수거위양본대가설진행료실증검험。결과발현,동사회규모적축감、독립동사비례적증가、동사장여총경리량직합일유조우기업주출흡당적전략결책,제승기업개치,제고동사회치리적유효성;전략위원회적설치수대동사회전략결책직능적발휘유적겁작용,단작용상불명현。
The existing research on effectiveness of board governance was always from two perspectives： the direct relationship between board and firm value,and the supervision function of board,which both had one-sidedness.This paper chose the perspective of diversification strategic decision function of board to study the effectiveness of board governance.Firstly,it analyzed the impacting path of board characters on board governance effectiveness and made theoretical hypothesis.Then it examined the hypothesis by listed companies in Shanghai A-share market from 2007 to 2009.The result showed that small board size,great proportion of independent director,the pluralism of board chairman and CEO could help companies to make strategic decision correctly,increase firm value and improve the effectiveness of board governance.Strategic committee was also benefit for board to execute its strategic decision,but the effect was not significant.