公司治理的社会嵌入性:理论框架及嵌入机制

The Social Embeddedness of Corporate Governance:Theoretical Framework and Embeddedness Mechanism

本文针对代理理论和管家理论视角下,公司治理的低度社会化和过度社会化的不足,从社会嵌入理论视角审视公司治理,认为公司治理具有社会嵌入性,并提出一个初步的理论分析框架。在这一框架中,本文依据"主体嵌入于客体情境"的概念模式,将嵌入分为主体嵌入和客体嵌入,其中:认知嵌入为主体嵌入,关系嵌入、结构嵌入和宏观嵌入为客体嵌入。然后从主体认知(认知嵌入)嵌入于联结企业情景(关系嵌入)、企业网情景(结构嵌入)、国家情景(宏观嵌入)以及各情景间交互影响方面剖析了公司治理的嵌入机制。从社会嵌入理论视角审视公司治理不仅可以解释代理理论和管家理论视角不能解释的诸多实践现象,而且还为有关公司治理的政策制定带来有益启示。

The paper examines corporate governance from social embeddedness perspective, in order to correct the under-socialization of agency theory and the over-socialization of stewardship theory, argues for the social embeddedness of corporate governance, and put forward to a theoretical framework. In the framework, the paper distinguishes into objective embeddedness and subjective embeddedness： objective embeddedness is referred to cognitive embeddedness, subjective embeddedness includes relational embeddedness, structural embeddedness and micro-embeddedness （that is political embeddedness and cultural embeddedness）, and then argues for the social embeddedness mechanism of corporate governance from the aspects of context of tied corporate, corporate network, country, as well as the interaction of different contexts. The study on corporate governance from the perspective of social embededness not only explains lots of empirical phenomena that both the agency theory and the stewardship theory can not explain, but also provides some beneficial implications for the policy formulation on corporate governance