论文部分内容阅读
本文利用案例研究方法,对上市公司平高电气董事会的职能演进过程进行了描述,并且针对董事会不同演进阶段,根据治理能力与投资动机两个维度对其主要投资者的治理行为进行了分析。研究发现突破了以往研究仅探讨股权集中度与控股大股东对内部治理影响的局限,提出了不同类型投资者对董事会职能演进所具有的不同作用。文章的主要学术贡献在于动态考察上市公司董事会职能的演进过程,并将股权异质性作为解释董事会职能演进的主要变量。研究结论对于国有企业引进战略投资者进行改制亦有一定的指导价值。
This article uses the case study method to describe the evolution of the functions of listed companies in Pinggao Electric’s board of directors. In the light of the different evolution stages of the board of directors, the governance behaviors of the major investors are analyzed based on the two dimensions of governance capacity and investment motivation. The research finds that it breaks through the limitations of the previous studies that only discuss the concentration of ownership and the influence of controlling shareholder on internal governance, and puts forward the different roles played by different types of investors in the evolution of board functions. The main academic contribution of the article is to dynamically examine the evolution of the functions of the board of directors of listed companies and to use equity heterogeneity as the main variable to explain the evolution of board functions. The conclusion of the research also has certain guiding value for the state-owned enterprises to introduce strategic investors for restructuring.