董事会双元治理有效性研究述评与展望

A Review and Future Research Agenda of Board Ambidextrous Governance’s Effectiveness

通过回顾董事会正式层级和非正式层级的研究现状,提出了正式层级与非正式层级协同的董事会双元治理研究框架。主要研究展望:①董事会非正式层级源自董事对股东权力的迎合,而非董事间的认同;②董事会正式层级代表的是全体股东的利益,而非正式层级代表的是特定股东的利益,这就导致董事面临全体股东还是特定股东的声誉权衡,并且倾向于选择特定股东的声誉评价,因此董事会双元治理有效性体现在推动董事选择全体股东的声誉评价,即董事的利益中性;③由于中国股权相对集中,以及权力差序的治理文化,董事会双元治理应该致力于形成利益制衡的董事会结构,以实现正式层级与非正式层级的极致分离,而混合所有制改革是重要的实现路径。

Through reviewing the prior research on the governance effects of board formal and informal hierarchy,this study offers a comprehensive research framework of board ambidextrous governance,which includes both formal and informal hierarchy.The results show①The informal hierarchy of board is stemmed from the director’s catering to the shareholder’s power,rather than the social identification among directors;②The formal hierarchy demonstrates the entire shareholders’interests,while the informal hierarchy represents the specific shareholder’s interests.This gives rise to the director’s reputation concern between the entire shareholders and specific shareholder,and leads the director to align the interest with specific shareholders who nominate him to be a director.Therefore,the effectiveness of the dual governance of the board of directors is embodied in the promotion of directors to select the reputation evaluation of all shareholders,namely director’s interest-neutrality.③Because of the ownership concentration,and intra-board power distribution,board ambidextrous governance should seek to form the interest-neutral board structure,and realize the ultimate separation of formal and informal hierarchy,while the reform of mixed-ownership is the proper solution in China.