董事会结构内生性：发现与启示

摘要

T he endogeneity of board structure has attracted more and more academic attention .In this paper ,the literature on the endogeneity of board structure is summarized .It is found that the western research focuses on the information communication between the CEO and the board of directors based on the first agency problem between the stockholders and managers ,while the domestic literature mainly involves the ownership property based on the second agency problem between the large stock‐holders and the minor stockholders .There is a need for further research from the perspectives of theo‐ry ,methodology and research content .%董事会结构内生性问题日益受到学术界的关注。文章对董事会结构内生性的文献进行了梳理，分析发现西方的研究文献主要基于股东和经理之间的第一类代理问题，关注C EO与董事会之间的信息传递；而国内的研究文献主要基于大股东和小股东之间的第二类代理问题，从股权性质等角度进行讨论；未来的研究需要从理论基础、方法论、研究内容等方面做进一步的深化。