连锁董事与公司绩效:针对中国的研究

关于连锁董事对公司绩效产生正面影响还是负面影响的争论一直存在.一种假设认为,连锁董事在转型经济中能够弥补市场失灵和制度漏洞,从而有助于改善公司绩效.而另一相对的假设则认为,转型中的公司治理失灵催生了连锁董事作为一种社会凝聚的工具,有利于实现管理层利益的最大化.但是,还尚未有在制度变迁背景下对这一问题的研究.利用中国当前制度变迁的大环境,我们建立了284家上市公司连续八年的面板数据库,并针对以上两个假设进行了实证检验.研究结果发现,连锁董事的网络核心度与企业绩效呈负相关关系,即处于连锁董事网络中越核心位置的企业其绩效越差.该结果支持了治理失灵假设.本研究对连锁董事网络研究、公司治理以及转型经济研究具有重要借鉴.

Interlocking Directorates and Firm Performance during Institutional Transition:An Empirical Study on China

There is a continued debate on whether interlocking di- rectorates positively or negatively influence firm performance.One hypothesis suggests that interlocking directorates help fill the insti- tutional voids during the transition and thus help improve firm per- formance.A competing hypothesis argues that corporate governance failure drives interlocking directorates as a social cohesion device to facilitate managerial exploitation of shareholders' interests.However, no previous study has investigated this crucial issue in the context of institutional transition.Taking advantage of China's institutional tran- sition,we amass a longitudinal database from 284 listed firms span- ning eight years (1994-2001).The research results show that network centrality negatively influences firm performance,thus supporting the corporate governance hypothesis.