董事会与公司绩效: 合法性的中介作用

立足企业面临政府和市场双重治理的宏观背景,用合法性理论分析董事会对公司绩效带来的影响。研究发现,董事会组成结构和行为指数均正向影响合法性和公司绩效,并通过合法性的完全中介作用影响公司绩效。根据结论进行分析,探索性地提出开通相关者沟通渠道和将相关者引入董事会中等改革建议,旨为帮助企业董事会获得合法性认可,实现企业可持续成长。

Board of directors and firm performance: mediating role of legitimacy

Based on the macro-background of the dual governance of the government and the market, the influence of the board of directors on the corporate performance is analyzed from the theory of legitimacy. The result finds that the composition structure of the board of directors and behavior index both have positive impact on the legitimacy and the firm performance, and the composition structure of board of directors influences the corporate performance through the full mediating role of legitimacy. Based on the analysis of the conclusions, the exploratory reform suggestions are proposed such as opening the channels for communication among stakeholders and introducing stakeholders into the board of directors so as to help the board of directors of enterprises to obtain the legitimacy and to achieve sustainable growth of enterprises.