摘要
本文从企业视角出发,在界定企业社会资本概念和分析其本质属性的基础上,首先探讨了企业社会资本参与公司治理的机制,认为企业社会资本通过资源通道机制、自我约束机制、非合作行为的惩罚机制、信息披露机制和高层决策的影响机制,分别对股东治理、董事会治理和高管层治理产生影响;然后,根据网络层次分析法(ANP)要求,运用专家评估法和调研数据。从治理收益、治理成本和治理风险三个维度,验证了企业社会资本与物质资本和人力资本共同参与公司治理的效能,证实企业社会资本所有者分享企业控制权、经营权或剩余,在一定条件下能够增加治理收益、降低治理成本、减少治理风险,从而提高公司治理效能;最后,提出了企业社会资本参与公司治理的理论和实践意义,并就需要进一步研究的问题提供了思路。
Corporate social capital （CSC） is often sought or accumu- lated by the firm to gain more competitive advantages. It plays an important role in corporate value creation and corporate activities. This study highlights CSC as a determinant of escalating corporate governance effectiveness at the corporate level. From the corporate point of view and based on the redefinition of concept and analysis of essential attributes of CSC, this article explores the mechanisms that CSC owners participating in corporate governance firstly and show that CSC imposes different effects （negative and positive） on the diverse dimensions of corporate governance through six mech- anisms： resource channel mechanism, self-discipline mechanism, punishment mechanism for non-cooperative behavior, top man- agement decision-making mechanism, and information disclosure mechanism. And then, according to Analytic Network Process （ANP）, from the aspects of governance benefits, costs and risks, it analyzes and verifies the effectiveness of physical capital owners, human capital owners and CSC owners participating in corporate governance. Empirical analysis maintains that the owners of CSC sharing the rights of corporate control, management and residuals with others, can increase governance benefits, decrease governance costs and reduce governance risks, and thus significantly enhances corporate governance effectiveness. Finally, this paper propos- es some suggestions about social capital owners participating in corporate governance, sharing corporate rights and interests, and provides some approaches for further studies. The study is of three contributions： First, it demonstrates the value of redefining the con- cept and analyzing the essential attributes of CSC from the perspec- tive of capital structure at the corporate level. This is beneficial for understanding the roles of CSC in corporate governance. Secondly, it delineates a comprehensive framework for CSC owners to partic- ipate in corporate governance and analyzes its neg
出处
《南开管理评论》
CSSCI
北大核心
2015年第4期72-81,共10页
Nankai Business Review
基金
国家社科基金重大项目(11&ZD153)
国家社科基金一般项目(13BGL004)资助
关键词
企业社会资本
资本结构
公司治理
网
络层次分析
Corporate Social Capital
Corporate Governance
Ana-lytic Network Process
