| The growth of enterprises is a dynamic process of decision-making adapting to the changes in the external environment constantly. In order to ensure the continued growth of the enterprises, the enterprises should make a material adjustment of the original strategy with their own resources, scale and capabilities, to implement the strategic transformation. We should analyze the internal and external factors which affecting the enterprise strategic transformation, the factors including the environment, the company’s vision, the company’s resources, the company’s leaders and other factors, the most important factor among them is the company’s corporate governance mechanism. As the core of corporate governance, board governance has received seriously attention from the domestic and foreign experts, scholars and government officials.In reality, many companies avoid strategic transformation or fail in the strategic transformation frequently, which takes two problems to be solved to the theorists: first, how to build the driving mechanism of the enterprise strategic transformation to promote the decision-making of enterprise strategic transformation; second, how to build the security mechanisms of enterprise strategic transformation to enhance the effect of the implementation of the strategic transformation. This thesis is based on the research achievement of interaction between corporate governance and strategic management, and study the problem in the perspective of the most important dimension of corporate governance-the "Board Governance".This thesis discusses the driving function of board governance to the enterprise strategic transformation, make the theoretical analysis on the driving effect of board governance to the enterprise strategic transformation, we called the board governance based on this analysis as the "Board Governance of Strategic Transformation Driving Period"; Furthermore, This thesis discusses the implementation security function of board governance to the enterprise strategic transformation, make the theoretical analysis on the implementation security effect of board governance to the enterprise strategic transformation, we called the board governance based on this analysis as the "Board Governance of Strategic Transformation Implementation Period". Because the generation and application conditions are different, the two types of board governance may have some differences. We must recognize and pay attention to such difference in the study, and analysis the differences between the two types of board governance in-depth. On this basis, we should make the adjusting and optimizing analysis to the two different types of board governance.In order to specify and deepen the study, according to the different functions and characteristics of board governance, we divide the board governance into five dimensions:the supervision functions of the Board, the advisory functions of the Board, the scope of the Board’s rights and interests, the stimulation level of the Board and the operation efficiency of the Board. Through the five dimensions of board governance, we investigate the driving effect of the board governance to the enterprise strategic transformation and the implementation security effect of the board governance to the enterprise strategic transformation, and deduce related assumptions according to the theory. Furthermore, we construct the empirical model and make an empirical test to the above assumptions. The results of the empirical test show that:1. To the assumption of the board governance driving the holistic enterprise strategic transformation, only the indicator of the Unpaidratio under the dimension of the stimulation level of the Board has been verified, which means the Unpaidratio has a positive correlation with the driving of the enterprise strategic transformation.2. To the assumption of the board governance driving the industrial enterprise strategic transformation, only the indicator of the Boardratio under the dimension of the scope of the Board’s rights and interests has been verified, which means the Boardratio has a negative correlation with the driving of the enterprise strategic transformation.3. To the assumption of the board governance driving the geographical enterprise strategic transformation, the indicator of the Place under the dimension of the supervision functions of the Board has been verified; The indicator of the Committee under the dimension of the advisory functions of the Board has been denied; which means the Place has a negative correlation with the driving of the enterprise strategic transformation and the Committee has a negative correlation with the driving of the enterprise strategic transformation.4. To the assumption of the board governance guaranteed implementing the holistic enterprise strategic transformation, the indicator of the Board-Size under the dimension of the operation efficiency of the Board, the indicator of the Boardratio under the dimension of the scope of the Board’s rights and interests, the indicator of the Committee under the dimension of the advisory functions of the Board and the indicator of the Ind under the dimension of the supervision functions of the Board, all of the four indicators have been verified, which means the Board-Size and the Committee have a negative correlation with the guaranteed implementing of the enterprise strategic transformation and the Boardratio and the Ind have a positive correlation with the guaranteed implementing of the enterprise strategic transformation.5. To the assumption of the board governance guaranteed implementing the industrial enterprise strategic transformation, the indicator of the Board-Size under the dimension of the operation efficiency of the Board, the indicator of the Ext-Committee under the dimension of the advisory functions of the Board and the Ind under the dimension of the supervision functions of the Board, all of the three indicators have been verified, which means the Board-Size and the Ext-Committee have a negative correlation with the guaranteed implementing of the enterprise strategic transformation and the Ind has a positive correlation with the guaranteed implementing of the enterprise strategic transformation..6. To the assumption of the board governance guaranteed implementing the geographical enterprise strategic transformation, the indicator of the Boardratio under the dimension of the scope of the Board’s rights and interests and the indicator of the Committee under the dimension of the advisory functions of the Board, both of the two indicators have been verified, which means the Boardratio has a positive correlation with the guaranteed implementing of the enterprise strategic transformation and the Committee has a negative correlation with the guaranteed implementing of the enterprise strategic transformation.Finally, on the issues of the difference of the five dimensions Board Governance in the Strategic Transformation Driving Period and Strategic Transformation Implementation Period, we discuss the optimization and adjustment method of board governance, mainly from the following five aspects:1. The optimization method of the supervision functions of the Board shall be adjusted from the corresponding weakening to the corresponding strengthening during the period from Strategic Transformation Driving Period to Strategic Transformation Implementation Period.2. The optimization method of the advisory functions of the Board shall be adjusted from the corresponding strengthening to the corresponding weakening during the period from Strategic Transformation Driving Period to Strategic Transformation Implementation Period.3. The optimization method of the scope of the Board’s rights and interests shall be adjusted from the corresponding lessening to the corresponding expanding during the period from Strategic Transformation Driving Period to Strategic Transformation Implementation Period.4. The optimization method of the scope of the stimulation level of the Board shall be adjusted from the corresponding reducing to the corresponding raising during the period from Strategic Transformation Driving Period to Strategic Transformation Implementation Period.5. The optimization method of the operation efficiency of the Board shall be remained unchanged. The operation efficiency of the Board should be consistently promoted both in Strategic Transformation Driving Period and in Strategic Transformation Implementation Period. That means the operation efficiency of the Board should be maintained in a higher level in the two period of enterprise strategic transformation. |
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