董事会的功能范畴与功能定位——一个动态匹配框架及来自中国的经验证据

Function Category and Function Orientation of a Board——A Dynamic Matching Model and Evidence from China

董事会具有两类不同性质的功能——本质功能和原生功能。董事会的本质功能反映了董事会是公司治理机制的组织结构保障,但现实中的董事会还有决策制定的原生功能,以及保护主要风险承担者利益的原生功能。同时,它们之间的动态匹配体现了不同的董事会功能定位。为证明这一观点,笔者对中国民营上市公司的面板数据进行了检验。实证研究发现,与财务困境公司相比而言,绩优公司董事会的功能定位更符合动态匹配的理论原则。

A board undertakes two types of functions,the essential functions and the original functions.The essential functions reflects that board is a kind of organization structure system to implement corporate governance.Meanwhile,the practical board has original functions,namely constituting decision and protecting benefits of main risk undertakers.Moreover,the dynamic matching between them confirms various orientation of corporate governance.These opinions have been proved by evidence from China.The empirical study found that excellent performance companies are more consistent with the function orientation principle than financial distress companies.