董事会社会资本与公司成长性分析

The Board of Directors of the Social Capital and the Company Growth Analysis

董事会社会资本对公司成长性的影响机制问题日益成为公司治理中广泛关注的焦点和难点。本文从上市公司董事会社会资本角度,把董事会社会资本细分为:董事会社会行业资本、社会连锁资本和社会政治资本,并运用2009年通讯业上市企业的截面数据,通过多元线性回归分析实证检验了上市公司董事会社会资本对公司成长性的影响。研究结果表明,上市公司董事会社会资本对公司成长性具有显著正向影响。具体而言,社会行业资本对公司成长性具有正向显著影响;社会连锁资本对公司成长性具有显著正向影响;社会政治资本对公司成长性没有显著影响。研究结果通过进行稳定性检验,检验结果基本一致。该研究对进一步揭示董事会社会资本功能的优化配置以及企业成长性的促进提供了借鉴与参考。

The effect mechanism of the board of social capital to the growth of the company is more and more focus and difficulty in corporate governance. This paper firstly separates the board of social capital into three parts based on the board social capital on listed companies, including the board of social industry capital, the board of social chain capital, the board of social political capital. It empirically analyzes the effect of the board of social capital to the growth of the company by multiple linear regression analysis on 2009 cross section data on communications industry. The results indicate the board of social capitals are positive related to the growth of the company. In particular the board of industry social capital is positive related to the growth of the company, the board of chain social capital, is positive related to the growth of the company, the board of social political capital is no significant related to the growth of the company. The result pass the stability test. The result provides the important references for the function of board optimal allocation and the growth of the company.