公司董事会的职能：一个研究回顾.docVIP

公司董事会的职能：一个研究回顾 华锦阳 上海财经大学 公共经济与管理学院，P.R. CHINA，200433 摘要：本文围绕董事会的职能问题，回顾了董事会职能的公司实践状况及研究概况，研究方面的回顾涉及不同理论学派的观点、董事会职能的类型与作用模式，以及董事会职能的影响因素等几个方面。从不同的理论学派看，代理理论、资源依赖理论、管家理论、战略管理理论以及利益相关者理论对董事会的职能都有自己的观点和研究侧重。对董事会职能具体内容的归类，存在两职能论、三职能论、六职能论等等，如分为内向职能与外向职能，治理职能与管理职能，决策职能与监督职能，监督职能、阐释职能与指导职能等等；根据不同职能发挥的作用不同，亦可归结出董事会职能的多种作用模式，如看守型与领航型，看守型、包办型和分工型，监督型、受托型和引导型，等等。本文认为，对董事会的研究，以结构特性和具体职责内容的关注较多，对影响其职能发挥的因素以及影响的机制，研究还需要加强，尤其是实证研究方面。 关键词：公司治理，董事会，职能，模式，影响因素 Abstract: This paper focuses on the functions of the board of the directors, reviews the practice and research on the functions of the board. Our research review discusses different viewpoints from individual theoretical schools, the content and working pattern of the functions of the board, and the factors that influence on the functions of the board as well. Different theories, such as agency theory, resource dependency theory, stewardship theory, strategic management theory, and stakeholder theory have their own opinions and research focuses. Typology of functions of the board lies 2-function, 3-function or 6-function, such as inwards-function and outwards-function, governance functions and management functions, decision ones and monitor ones, supervisor, explanation, and guidance ones, etc. According to different role of all the functions, there are such different patterns as watchdog pattern and pilot pattern, watchdog, be-the-whole-show, and cooperation pattern, monitor, fiduciary, and guide pattern, etc. The author of this paper indicates that current research on the board focus a lot on its structure and composition, future research should focus more on the impact of factors on the role and how they work as well, especially on empirical research. Keywords: Corporate Governance, The board of Directors, Function, Pattern, Factor 1 引言 董事会作为治理主体，其职能行使状况直接影响公司治理绩效；如何有效发挥董事会的职能，成为加强公司治理的关键。近年来，随着美国安然、世界通信、环球电讯、施乐、中航油、中国猴王等大公司财务丑闻频繁爆发，无论国内还是西方国家，人们都对董事会制度开始了重新审视。本文对公司董事会职能的有关理论与实践进行了简要回顾。 2 董事会职能的实践概况 对董事会职能的研究，与公司治理命题的正式提出