中国董事会结构的内生决定：基于关系型交易的研究

董事会结构内生决定机制是全球学术界非常关心但是相关理论较为匮乏的研究领域。本课题立足于转型经济国家的基本交易特征- - "关系型交易"，构建董事会结构的内生决定理论并进行实证检验。我们将董事会整体结构、董事人选、董事任职等置于统一的研究框架内，提出一系列互相关联的研究假说,在研究方法、研究设计和变量选取上都有一定的创新，在大样本研究的基础上建立有别于西方现有文献的理论解释：与市场化交易相对应的关系型交易决定了中国公司治理特征。.本课题突破了单纯的现象描述研究，依据新制度经济学的核心思想- - 交易性质决定相应的合约治理方式，构建了一个较为完整，且植根于中国市场环境的内生决定分析框架，为系统性地解释中国上市公司董事会结构提供了严谨而又切实可行的思路。同时本课题对于中国资本市场的监管者有着积极的启示意义：公司治理的改进不能仅依赖于某一两种形式上的变革，而需要从交易形成的条件入手深入解决。

The endogenously determined institution of boards of directors is an area that the global researchers care about but the theory is absent in. We want to construct endogenously determined theory of boards' structure and do positive research based on the relational transaction, which is the basic business character of transforming countries. We provide a united framework including boards' structure, choice of directors and power of directors and establish a series of hypothesis that are associated each other. The project does many innovations about research methods and design. Our goal is to show the theoretical explanation other than exist western papers based on large numbers of Chinese samples. The relational transaction, which is compared with contracting transaction, determines the characters of Chinese corporate governance..The project is not the pure description about phenomenon. We design a completed endogenously framework of Chinese boards, which is based on the new institutional economics and is living in the Chinese market. The conclusion gives conservative and feasible way to explain the characters of Chinese listed companies' boards. The project takes positive implications to the regulators of Chinese capital market. The improvement of corporate governance should not be depended on the changes of outside forms, but the deep changes of conditions of relational transactions.