董事会职能变迁轨迹及职能重塑

董事会在公司治理机制中发挥关键作用。伴随着公司治理的发展,董事会职能经历了由经营管理到监督,再从监督到监督和决策并重的变迁过程。股权分置改革后,我国公司治理呈现以下特征:国有股"一股独大"状况得到改善;公司控制权市场逐步形成;中小股东的利益逐渐得到保护;公司治理目标由股东价值最大化转变为企业价值最大化。公司治理的变化促使董事会职能发生相应的调整,董事会职能应从权利格局、组织结构、董事素质与激励约束机制、董事会与经理的职责方面实现重塑。

Track of the Functions and Functions of the Remodeling of the Board of Directors

The board of directors plays a key role in mechanisms of the corporate governance.With the development of corporate governance,the board functions’ process of change experienced the operation and management,supervision,both monitoring and decision.After the split share structure reform,corporate governance shows the following characteristics in China: State-owned shares "dominance" of the situation is improved;corporate control market is gradually formed;interests of small shareholders gradually are protected;the objectives of corporate governance from maximize shareholder value transform into enterprise value maximization.The changes of corporate governance make the board functions corresponding adjustment,the board functions will achieve remodeling from the right pattern,structure,quality of directors and incentive mechanisms,and the board and management responsibilities.