董事会结构模型及有效性分析

An Analysis on Model of Board Structure and Its Efficiency

公司治理是以董事会为核心的一种结构或制度安排,目的是在公司所有权和管理权分离的情况下,通过对管理层行为的监督来维护股东及其他利益相关者的权益。因而,董事会结构如何,能否发挥其作用就显得尤为重要。通过建立董事会结构模型并进行理论和实证分析,提出了董事会应该由股东董事、经理董事和外部董事共同组成的最佳模型。要使该董事会结构充分发挥其有效性,必须处理好比例问题,董事长和总经理职务的分设问题以及必须建立对外部董事的激励约束机制。

The firm governing is a structure with a board as its core, and its goal is to guard the interests and rights of the shareholders and related people thru supervising the management under the condition of firm's ownership and management separation. So, it is very important to know what the board structure is and whether it can work properly. Thru constructing board model and conducting theoretical and empirical analysis, in this paper, a best model of the board including the shareholders, managers and outsiders is proposed. In order to improve the efficiency of the board, attention should be paid to the following: composition of the board, separation of board director and general manager and the incentive scheme to outside board members.