| 多个大股东控制下的董事会结构模型研究 |
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| 引用本文： | 段云,王福胜,王正位.多个大股东控制下的董事会结构模型研究[J].预测,2011,30(1). |
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| 作者姓名： | 段云 王福胜 王正位 |
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| 作者单位： | 1. 哈尔滨工业大学管理学院,黑龙江哈尔滨,150001
2. 北京师范大学经济与工商管理学院,北京,100875 |
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| 基金项目： | 国家自然科学基金资助项目，中国博士后科学基金资助项目，黑龙江省博士后科学基金资助项目 |
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| 摘 要： | 国外已有的董事会结构理论模型都是针对成熟资本市场,基于股权较为分散、董事会具有较大权力或较强独立性的假设而构建,然而这些假设并不符合中国国情.考虑我国普遍存在大股东集中持股的客观现实,基于大股东"掏空"动机,区分大股东间"监督"与"合谋"两种不同关系,构建多个大股东控制情况下的董事会结构理论模型.理论分析结论表明:当公司存在多个大股东时,公司董事会的组成依赖于大股东之间利益的较量.无论大股东间是监督还是合谋关系,董事会中第一大股东可控的成员随第一大股东持股比例的增加而增加,随其他大股东持股比例的增加而减小;非第一大股东可控的董事成员随第一大股东持股比例的增加而减少,随其他大股东持股比例的增加而增加;给定大股东的持股比例,相对于监督关系,在合谋关系下,董事会中第一大股东可控的董事会成员会更多,而非第一大股东可控的董事会成员更少.
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| 关 键 词： | 公司治理 董事会结构模型 多个大股东 监督关系 合谋关系 |
The Model of Board Structure on the Condition of Several Large Shareholders Existing |
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| DUAN Yun,WANG Fu-sheng,WANG Zheng-wei.The Model of Board Structure on the Condition of Several Large Shareholders Existing[J].Forecasting,2011,30(1). |
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| Authors: | DUAN Yun WANG Fu-sheng WANG Zheng-wei |
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| Institution: | DUAN Yun1,WANG Fu-sheng1,WANG Zheng-wei2(1.School of Management,Harbin Institute of Technology,Harbin 150001,China,2.School of Economics and Business Administration,Beijing Normal University,Beijing 100875,China) |
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| Abstract: | The foreign research for the model of board structure generally aimed at the mature market and dispersed ownership,on the hypotheses that board of directors has bigger authority or stronger independent character.But these hypotheses do not accord with China 's real conditions.So based on the tunneling behavior of large shareholders,a theoretical model of board structure on the condition of several large shareholders existing is constructed with considerations of the supervision and collusive relations among... |
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| Keywords: | corporate governance model of board structure several large shareholders supervision relations collusive relations |
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