There are many examples of the integration of two positions, such as Liu Qiangdong of JD, Robin Li of Baidu, Hongyi Zhou of 360, Yu Minhong of New Oriental, Lei Jun of Xiaomi, these are all, and there are many companies that separate the two positions, such as Alibaba, now Microsoft, Tesla, Starbucks, etc. are also good companies. If you say that unity is better or separation is better, it’s really not easy to say, this is an issue that is often debated in the field of corporate governance.
两职合一的支持者认为,董事长兼任CEO有助于提高决策效率,有利于企业适应瞬息万变的市场环境,如果分离可能会导致企业领导权力的模糊,造成双头领导 。支持两职分离的观点是,如果董事长兼CEO,那么董事会的监督功能必然会减弱,CEO的机会主义行为就会增加,损害企业的利益 。
Supporters of the integration of the two positions believe that the chairman and CEO will help improve decision-making efficiency and help companies adapt to the ever-changing market environment. If the separation may lead to the ambiguity of corporate leadership power, leading to double-headed leadership. The viewpoint that supports the separation of the two positions is that if the chairman of the board is also the CEO, the supervisory function of the board of directors will inevitably be weakened, and the CEO’s opportunistic behavior will increase, damaging the interests of the company.
双方都能在现实中找到支持自己观点的数据和证据,所以这个结论是模糊的 。比较公认的观点是,情境化的因素在这里面有重要作用,你看在动荡的环境中,或者企业处在急速成长和需要变革的阶段,企业是很需要强有力的领导者的,这时候两职合一是合理的,前面提到的阿里、微软、特斯拉和星巴克在创立之后相当长的时间里面,其实都是两职合一的;但是在平稳的环境中,尤其是公司规模比较大的时候,两职分离虽然会损失些决策效率,但是可以对管理团队有更好的监控,对于企业的平稳发展更有利 。
Both parties can find data and evidence to support their views in reality, so this conclusion is vague. The generally accepted view is that contextualized factors play an important role here. In a turbulent environment, or the company is in a stage of rapid growth and needs change, the company needs a strong leader. At this time The integration of the two jobs is reasonable. The aforementioned Ali, Microsoft, Tesla, and Starbucks have actually merged the two jobs for a long time after their establishment; but in a stable environment, especially the size of the company When it is relatively large, the separation of the two positions will lose some decision-making efficiency, but it can have better monitoring of the management team, which is more beneficial to the stable development of the enterprise.

从2001年到2018年,在标准普尔500强公司里面,两职分离的公司比重已经从26%上升到了50%,所以董事长和CEO分别由两个人分别担任,目前来看是个趋势 。
From 2001 to 2018, in the S&P 500 companies, the proportion of companies with two separate positions has risen from 26% to 50%. Therefore, the chairman and CEO are held by two persons. At present, it is a trend.
在中国,政府也希望引导两职分离,所以证监会有相关的规定,虽然并非强制性,但也起到了效果,中国上市公司的董事长和CEO两职分离的比例能达到75%以上 。
In China, the government also hopes to guide the separation of the two positions. Therefore, although the relevant regulations of the China Securities Regulatory Commission are not mandatory, they also have an effect. The separation of the two positions of chairman and CEO of Chinese listed companies can reach more than 75%.
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