董事会异质性与IPO绩效:冲突与经验的协同视角

Board Heterogeneity and IPO Performance:a Synergistic Perspective of Conflict and Experience

资源依赖理论认为董事会成员间的异质性可以给企业带来更多的行业经验和社会资源,有利于企业的价值创造;而代理理论认为董事会异质性将导致董事会成员产生更大的冲突、提高沟通成本,从而不利于企业绩效。本文认为这两个理论对解释董事会异质性的作用时是互补的,当异质性低的时候,资源依赖理论更起作用;当异质性高的时候,代理理论作用更显著。基于中国创业板上市公司样本数据,研究发现董事会异质性对IPO绩效的影响存在非线性倒U关系,低异质性董事会的经验问题及高异质性董事会的冲突问题都不利于企业IPO绩效,而且企业规模将强化这种倒U关系。

The heterogeneity of board of directors can bring more industry experience and social resources to the enterprise that is helpful to the enterprise＇s value creation based on the resource dependence theory; and agency theory thinks that the board of directors heterogeneity will lead to conflicts between directors, which is not conducive to enterprise performance. This paper considers that the two theories are complementary in explaining the effect of heterogeneity the board of directors. When heterogeneity is low, the resource dependence theory is more important; for high heterogeneity scene, agency theory play more significant role.Based on the sample of Chinese listed companies,the study found that the relationship between heterogeneity of the board of directors and IPO performance is the inverted U, and the scale of enterprises will strengthen the relationship.