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董事会构成及异质性始终是影响公司治理质量的关键因素。当前有关董事会异质性的研究主要从CEO权力和董事会成员集体行动两个不同视角,揭示了在新任董事融入董事会的动态过程中董事会异质性的形成逻辑。可以发现衡量董事会异质性存在着容易被外部投资者观察到的外显异质性以及难以被观察的内在异质性;为迎合投资者对异质性的偏好,既有的董事会成员利用所掌握的权力或重新范畴化等行为推动董事会的外显异质性,却降低内在异质性;在新任董事选择和被接纳的过程中,存在着明显的CEO隐藏行为和既有董事的一致性行动。这些都会对公司治理运行效率及股东利益产生实质影响。
Board composition and heterogeneity have always been the key factors affecting the quality of corporate governance. The current research on the heterogeneity of the board of directors mainly focuses on the formation logic of the heterogeneity of the board of directors in the dynamic process of the newly appointed board members being integrated into the board of directors from two different perspectives, namely, the power of CEO and the collective action of board members. It can be found that measuring the heterogeneity of the board of directors has the explicit heterogeneity that is easily observed by external investors and the inherent heterogeneity that can not be observed. In order to meet the preference of investors for heterogeneity, existing board members use Mastery of power or re-categorization and other behaviors to promote the explicit heterogeneity of the board of directors, but reduce the inherent heterogeneity; the new directors in the process of choice and acceptance, there is a clear CEO hidden behavior and the consistency of existing directors action. All of these will have a material impact on the efficiency of corporate governance and shareholders’ interests.