连锁董事与公司绩效：针对中国的研究被引量：73

Interlocking Directorates and Firm Performance during Institutional Transition:An Empirical Study on China

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摘要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。 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.

作者任兵区玉辉彭维刚

机构地区南开大学商学院香港中文大学管理系美国达轻斯德克萨斯管理学系

出处《南开管理评论》 CSSCI 2007年第1期8-15,共8页 Nankai Business Review

基金南开大学引进人才启动基金(J02022)资助

关键词连锁董事治理失灵公司绩效制度转型 Interlocking Directorates Governance Failure Firm Performance Institutional Transition

分类号 F279.21 [经济管理—企业管理] F224 [经济管理—国民经济]

作者简介任兵，南开大学商学院副教授、博士，研究方向为组织与战略管理；区玉辉，香港中文大学管理系副教授、博士，研究方向为组织、社会网络、信任关系；彭维刚，美国达轻斯德克萨斯管理学系教授，研究方向为组织与战略管理

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