论文部分内容阅读
连锁董事是一个非常普遍而独特的现象,对企业的行为和绩效有着重要影响。在系统回顾30多年来相关研究的基础上,本文首先对多种理论观点进行了整合,提出连锁董事具有“双刃剑”的作用。一方面,兼任和连锁增强了连锁董事履职的能力,他们可以通过导管机制与信号机制把丰富的人力和社会资本转化为企业的优势与绩效;另一方面,董事的兼任及连锁关系,尤其在超过一定界限之后,又会削弱他们履职的动机,降低其投入度和独立性,损害董事会运行的效率、效果乃至企业绩效。然后,本文引入制度、企业、团队和个人等多个层面的情境因素,分析外部情境和内部过程对连锁董事作用的影响。一方面,制度缺失、企业发展困境和董事会团队构成的不完备等因素提高了企业对连锁董事资本的需求,会正向调节连锁董事对企业的价值;另一方面,提出连锁董事面临的多重身份认同问题会影响其履职的动机,并讨论了企业声誉、人际关系和激励支持等因素对连锁董事加强身份认同、克服负面影响并加强履职动机的积极作用。最后,本文提出了一个完整的连锁董事研究框架,并讨论了未来研究的方向和对管理实践的启示。
Interlocking directors is a very common and unique phenomenon, which has an important impact on the behavior and performance of enterprises. Based on the systematic review of more than 30 years of relevant research, this paper first integrates many theoretical perspectives and puts forward that chain directors have the function of double-edged sword. On the one hand, part-time and chain operations enhance the ability of chain managers to perform their duties. They can diversify their human and social capital into the advantages and performance of enterprises through conduit mechanisms and signaling mechanisms. On the other hand, part-time directors and chain relationships, especially When a certain limit is exceeded, their motivation to perform their duties will be weakened, their input and independence will be weakened, and the efficiency and effectiveness of the board of directors’ operation as well as the performance of the enterprises will be impaired. Then, this article introduces the situational factors at various levels such as system, enterprise, team and individual, and analyzes the influence of external situations and internal processes on the role of chain managers. On the one hand, the lack of system, the difficulties of enterprise development and the composition of the Board of Directors and other factors improve the enterprise’s demand for the chain of directors’ capital, will positively adjust the value of the chain of directors on the enterprise; the other hand, Identification issues will affect their motivation to perform their duties and discuss the positive role of chain managers in strengthening their identities, overcoming the negative effects and enhancing motivation for performing their duties through such factors as corporate reputation, interpersonal relationships and incentive support. Finally, this paper presents a complete research framework for chain directors and discusses the future direction of research and its implications for management practices.