Do Strategic Role and Control Role of Board of Directors Exist in Chinese Listed Companies
基于2005-2007年中国上市公司数据，用结构方程模型检验董事会是否同时扮演战略和控制角色，发现国企董事会仅有控制角色，而民企董事会两者兼具。
Facing the complex and competitive environment,stewardship theory and resource theory support that the board of directors plays important roles in both business strategy and CEO's compensation,which challenges the single control role of board supported by agency theory and managerial theory.The paper analyzes Structural Equation Model(SEM) related to dual roles of the board,the direct strategic relationships between board power and firm performance,and the indirect control relationship between board power and firm performance through compensation incentives.The empirical study shows that the boards of state-owned enterprises(SOE) have only significantly control role which mainly focus on improving the compensation of CEO and directors,while the boards of private-owned firms(POF) have both strategic role and control role by testing the sample of Chinese listed companies from the year of 2005 to 2007.Further,the result shows the corporate governance of SOE is becoming better and better by adding the control variables of years,industries and areas,while POF is reversed. Thus,Chinese companies have to emphasize strategic role of board as the same important as control role for improving their corporate governance in the future.