董事会结构对创业型企业智慧资本附加值的影响研究

The Impact of Board Structure on the Added Value of Intellectual Capital of Entrepreneurial Enterprises

本文从董事会规模、董事会人力资本、董事会独立性以及董事会利益制衡四个层面研究董事会结构对创业型企业智慧资本附加值的影响路径。利用2016-2017年深圳创业板上市公司的数据进行实证分析,结果表明董事会规模、年龄、学历、独立董事比例、董事会中机构投资者比重、股权制衡度与创业型企业智慧资本附加值具有非线性关系,其中年龄特征及独立董事比例与智慧资本附加值呈现二次函数回归关系,表现为先递增后递减关系,董事会成员海外经验情况对智慧资本附加值具有正相关关系,董事会中董事长兼任总经理情况、董事会中董事持股比重对智慧资本附加值具有负相关关系。相关研究结论对优化创业型企业董事会结构和公司治理,提高创业型企业智慧资本附加值具有良好的理论指导意义。

This paper studies the impact of board structure on the value-added of intellectual capital in entrepreneurial enterprises from four aspects:board size,board human capital,board independence and board interest balance.Empirical analysis based on the data of the listed companies on Shenzhen GEM in 2016 -2017 shows that the board size,age,education background,the proportion of independent directors,the proportion of institutional investors in the board of directors and the degree of equity checks and balances have a non-linear impact on the value-added of intellectual capital of venture enterprises,in which the age characteristics and the proportion of independent directors and wisdom.There is a quadratic regression relationship between the valueadded of intellectual capital,which shows that the value-added of intellectual capital increases first and then decreases.The overseas experience of board members has a positive correlation with the value-added of intellectual capital.The relevant research conclusions have a good theoretical significance for optimizing the structure of the board of directors and corporate governance of entrepreneurial enterprises,and improving the valueadded of intellectual capital of entrepreneurial enterprises.