梯度网络嵌入视角下民营企业独立董事作用机理分析

本文立足网络嵌入视角,构建外部独立董事嵌入企业内部网络的微观过程,借助2010－2013年间民营上市公司的数据,实证检验独立董事嵌入程度对企业绩效的影响。研究结果发现,就职于民营上市公司的独立董事并没有发挥预期的价值,甚至制约了企业的发展,只有个别高质量的独立董事能有效地嵌入企业内部网络,真正实现其功能价值,而在数量上处于相对优势的“南郭董事”稀释了这种效力,使其价值隐藏在数据背后。

Mechanism Analysis of Independent Director System in Private Enterprises---From the Perspective of Gradient Network Embeddedness

From the network embeddedness perspective, this article analyses the microprocess of how independent direc-tors get embedded in the internal network of their firms and empirically tests the relationship between their embedding degree and the firms'performance with the use of listed companies'data.This study supports the judgment that independent directors are generally unable to achieve their expected value, because they are granted few rights in the firms.Some independent direc-tors even constrain the firms'development, and only a few high-quality independent directors can effectvely get embedded into the firms'internal network.