董事会异质性、多元化战略与企业价值

Board Heterogeneity,Diversity Strategy and Firm Value

以沪深非金融上市公司为样本,研究董事会异质性与公司多元化程度及经营绩效的关系。研究表明董事会职业异质性促进公司多元化发展及价值提升,社会异质性削弱公司多元化倾向及企业价值;多元化战略部分中介了董事会异质性对企业价值的影响。有鉴于此,构建高效董事会应重视团队内部年龄、知识、经验的合理搭配,通过战略职能发挥,将团队异质性利益发挥到最大限度。

Taking nonfinancial companies listed on Shanghai or Shenzhen stock exchange as the samples, the paper studies the relationship between board heterogeneity, diversity and firm value. The results show that board professional heterogeneity helps increase corporate diversity and firm value, whereas social heterogeneity tends to reduce them. It also finds that diversity strategy works partly as a mediator between board heterogeneity and firm value. The policy implication is that effective board construction should care more about reasonable allocation of board members＇ age, knowledge and experience, so as to make the fullest use of the benefits of team heterogeneity via strategic role implementation.