连锁董事理论:来自中国企业的实证检验

本文对散见于国内外的连锁董事文献进行了梳理，将之归纳为四种理论体系，即互惠理论、资源依赖理论、金融控制理论和管理控制理论。并依据每一种理论提出了相关假定。指出了数据来源，并选取了被解释变量、解释变量和其他变量。对相关理论进行检验，其结果证实了资源依赖理论，部分证实了金融控制理论和管理控制理论。这些结论表明现有的连锁董事理论对我国上市公司连锁董事的解释能力还待于深入研究。

Theories of Interlocking Directorates: An Empirical Testing Based on the Listed Companies of China

Firstly,the authors summarize the four typical theories of interlocking directorates,which have heen covered up and scattered in historical literatures,and then propose four hypotheses respectively on the reciprocity theory,resources dependency theory,finance control theory and the management control theory. Secondly,they specify the elected samples,the sources of data and the variables concerned. Thirdly,the hypotheses are tested. The empirical results seem to consist with the resources dependency theory,and partly with the finance control theory and the management control theory. These results imply that the existing theories are not competent enough for explaining the interlocking directorates in the listed companies of China and further research is needed. Finally,the conclusion comes.