【作者】 李斌；

【导师】 余玉苗；

【作者基本信息】 武汉大学 ， 会计学， 2010， 博士

【摘要】 董事会是公司内部治理机制的核心和关键,其治理效率直接关系到公司的生存与发展。公司持续经营离不开股东与社会利益相关者的投入,然而在现行体制下,我国上市公司外部性经营所导致的产品质量、环保、劳工侵权等现象较为严重,如何将社会责任问题纳入董事会治理范畴就显得十分重要。为此,本文综合运用规范分析、实证分析、比较分析的方法,借鉴各国董事会治理经验,探讨了董事会如何通过参与对公司社会责任信息披露的治理,平衡利益相关者之间的矛盾冲突。本文首先探讨了董事会的治理职责,分析了董事会治理与公司社会责任之间的关系；然后对影响其治理效率的董事会结构因素进行分类描述；接着探讨了公司社会责任信息披露的治理价值,从信息的需求与供给出发,分别剖析披露行为的成本收益和董事介入相关治理的动机；在此基础上,采取指数法建立了多元回归模型展开实证研究；最后从“公司治理生态”的角度论述了董事会在社会责任方面的治理地位和功能,并对公司社会责任信息披露的改进提出政策建议。论文的主要内容如下：(1)研究了董事会的治理职责。主要包括董事会治理职责的法学界定；基于股东财富最大理论的董事会治理职责；基于利益相关者理论的董事会治理职责等。(2)研究了董事会的治理结构。系统分析了董事会成员结构、领导结构、规模因素、专门委员会结构、薪酬结构与公司社会责任之间的关系。(3)研究了公司社会责任信息披露的治理价值。主要从社会责任信息的需求与供给角度,分析了对其进行管制或治理的利弊得失,并对公司披露社会责任信息的成本收益以及董事参与治理的动机进行了规范性的推导。(4)研究了董事会结构与公司社会责任信息披露的实证关系。根据所建立的研究假设,运用社会责任信息披露指数法,检验了中国沪市2008年度上市公司社会责任信息披露与董事会结构之间的相关性,并就统计结果做出了解释。(5)研究了优化董事会治理机制与公司社会责任信息披露的策略。主要基于“公司治理生态”理论,分析了董事会在整个治理系统中的地位与功能,以及社会责任问题的生态化治理策略。最后就如何提高披露信息质量提出了建议。论文研究的创新之处主要表现在以下三个方面：(1)研究视角的创新：以内部治理结构中处于核心地位的董事会为突破口,从公司治理的角度研究社会责任信息披露问题。探讨了为何董事会职责要涵盖对社会责任的治理,以及董事会治理结构对公司社会责任信息披露的影响。其结论可为后续相关研究提供理论上的支撑。(2)理论框架的创新：本文以利益相关者理论为基础,从广义公司治理的角度出发,分析了股东利益与社会利益发生冲突时,董事会如何平衡利益相关者间的矛盾。文章所构建的理论框架,在继承主流公司治理和公司社会责任研究成果的同时,将交易成本与冲突成本两类分析模式联系起来,研究社会责任信息披露的治理价值。在传统公司治理模型中,相关各方通过交易的方式来谋求相互获利的可能。但在现实社会中还存在大量非交易行为,相关各方不存在交易企图(或行为),而是利用自身优势追求单方获益,如公司的外部性经营活动或公众对污染企业的集团诉讼。前者服从科斯定律,在均衡中没有一个人会拒绝互利的交易机会；后者遵从麦奇维尔定律,在均衡中没有一个人会放弃有利自己的机会而不去掠夺他人。本文在综合这两种理论的基础之上,分析了公司披露社会责任信息的成本收益,揭示了董事参与相关治理的动机。(3)治理策略的创新：从公司治理生态的角度,提出了社会责任的生态化治理策略。本文认为让利益相关各方以适当形式参与对公司社会责任信息披露的监督,有利于维持治理生态的完整性、稳定性与多样性。而董事会在这一治理系统中处于关键地位,发挥着不可替代的作用。更多还原

【Abstract】 With the development of Chinese society and economy, Corporate Social Responsibility (CSR) becomes the focal point in particular which public pays attention, it is also an important thought to constructs harmonious society in our country. The purpose of this paper is to provide empirical and theoretic study on the relevance of the board governance and corporate social responsibility information disclosure. Three questions are studied in normative research:the function of directorate, the structure of board, the governance value of corporate social responsibility information disclosure. After forward hypothesis and definition of variables,423 listed companies in Shanghai stock exchanges in 2008 are selected as the samples for further empirical study:the relationship between the governance structure of the board and corporate disclosure on social responsibilities.As theoretical analysis we find that:(1) we consider the evolution of the governance function of directorate, shareholders’wealth maximum theory did not identify corporate social responsibility as the aims of governance. But with the development of stakeholder theory and the transformation of economy circumstances, the kind of board governance aim has displayed defect increasingly. The corporate’ control power and financial-right disposing should be not only internal disposition but also expand to include external disposition, and the stakeholder theory have inherent consistency with the theory of maximum of enterprise value in fact; (2) There are different kinds of board governances in the world, after the corporate social responsibility information disclosure appears, academic circles commence to discuss whether there exists the optimal board governance structure and what mechanism and controlling methods are effective. Five aspects to the board characteristics which are the member’s structure, leadership structure, size factor, special committee structure and compensation incentive system may result different governance efficiency; (3) With the public accumulates more consciousness on environment and law, the right of knowing the economic consequences of enterprise is getting recognition from common people. The stakeholder gradually finds the value of information disclosure on corporate social responsibilities. Through the analysis of the CRS information’s supply and demand, we analyses the value of voluntary information disclosure, then sums up the advantages and disadvantages of government regulation. In order to realize the governance motivation of board and ways of maximizing stakeholder value, Benefit-cost Analysis is used for model building.Major empirical results of this paper show that:(1) With independent director ratio increasing and directorate size expanding, the CRS information disclosure manner of listed company’s increases; (2) if we take the information asymmetry degree into account, the combination of director and general manager don’t have a significant effect on disclosure manner. The proportion of directors’ shareholding is irrelevance too for interest’s synergistic effect.The contributions of this paper contain:(1)This paper is the first empirically tests influencing the board governance factors of CRS information disclosure in China; (2)Provide an theoretic framework to realize the governance motivation of board in the disclosure process of CRS information; (3)Based on Ecology Corporate Governance theory, analysis how to protect the vulnerable stakeholder groups from being exploited and violated by the strong stakeholder groups.更多还原