最优董事会结构的再检验——基于咨询服务角度的思考

A re-check of best board structure——from the angle of advisory service

众多研究表明,结构精简和独立性强是理想的董事会结构。对于某些类型的企业而言,较大的董事会,内部董事比例较高的董事会是趋于最优的。有一些较为复杂的企业,诸如多元化经营、规模较大、负债率较高的企业,他们有较为强烈的咨询建议需求,此类企业将会更多地受益于拥有一个规模更大的董事会,特别是拥有更多的独立董事,从而其可以受益于此类独立董事的丰富行业经验和专长,而且对于某些内部人持有关键企业专有信息的企业而言,例如高研发强度企业,他们会更加受益于拥有一个内部董事比例较高的董事会。

Many researches show that simple structure and independence are the essentials of an ideal board structure.For an enterprise that is engaged in specialized production,an ideal board structure should have a high percentage of directors from its own organization;for a big enterprise that involves diversified business and high debt ratio,it is more beneficial to have a board structure with independent directors so as to benefit from their rich professional experience and knowledge;for an enterprise focusing on high-tech research,it is more suitable to have a board structure composed of the internal members who possess the key enterprise information.