董事会异质性对企业业绩的影响分析——基于B-样条展开的非线性分位数回归的研究

Influence of Board Heterogeneity on Corporate Performance:Research of Nonlinear Quantile Based on B-spline

构建一个局部非线性分位数回归模型对董事会异质性与企业业绩之间的关系进行研究,同时采用基于B-样条展开的非参数非线性分位数回归模型,得出比参数模型更好的分析结果。实证结论显示:董事会异质性对企业业绩存在先上升后下降的倒“U”型影响;在不同分位点处,董事会异质性对企业业绩影响的非线性效应呈异质性,业绩越好的企业,其业绩受董事会异质性的影响越显著;对于不同所有权性质的企业,董事会异质性对企业业绩的影响模式不同,且在相同条件下,董事会异质性对国有企业业绩的影响相对较弱。

In this paper, a local nonlinear quantile regression model was constructed to re-study the relationship between board heterogeneity and corporate performance. At the same time, a nonparametric nonlinear quantile regression model based on B-spline was adopted to obtain a better analysis result than ratio parameter model. The empirical results show that: board heterogeneity has a reversed “U” type non-linear effect on enterprise value which rises first and then falls;at different quantiles, the linear effect of board heterogeneity on the enterprise value was heterogeneous, the corporate with higher performance is more sensitive to the effect of board heterogeneity;For enterprises with different nature of the ownership, board heterogeneity influences corporate performance in different modes, and under the same conditions, board heterogeneity has a small impact on state-owned corporate performance.