董事会结构与企业价值关系研究——基于能力视角的经验证据

Relationship between Board Structure and Firm Value——Based on the Competence Perspective

已有的董事会结构研究文献关注于董事会独立性在董事会履职过程中的作用,忽视了董事会成员能力因素。本文在借鉴已有文献的基础上,考虑了影响董事会成员履职的能力因素,并选取2005～2007年中国上市公司为样本,对董事会结构与企业价值之间的关系重新进行了梳理与检验。实证结果发现,董事会的年龄结构和教育背景结构对企业价值具有显著的正向影响,但未找到新引入的度量董事会独立性的指标影响企业价值的证据。

Extant studies on board structure mainly focus on the function of board independence to implement its duty,but they ignore another important factor that might affect the board members ability. Based on the literatures of board structure,this paper investigates the relationship between board structure and firm value taking the capacity factors of the member. By using the sample of listed companies during the period between 2005 and 2007, it is found that age and education background structure of the member affect firm value positively. However,there is no evidence to prove a new variable measuring the board independence to affect firm value.