独立董事社会资本、竞争战略与公司绩效的关系研究

Research on the relationship of independent director’s social capital,competitive strategy and company performance

通过构建独立董事社会资本、竞争战略与公司绩效的研究模型,以房地产行业99家上市公司2008-2018年的动态数据为观测值,从独立董事社会资本视角研究独立董事与公司绩效的关系,并在此基础上分析公司竞争战略在其中发挥的中介作用。研究结果表明:独立董事社会资本对公司绩效有显著的正向影响;随着时间的推移,中国独立董事社会资本对公司绩效的影响逐渐增强;低成本战略在独立董事社会资本和公司绩效的关系中起部分中介作用;社会资本中的政治关联、金融背景、曾任职情况、学历、法律背景,对公司绩效的正向影响程度依次降低。基于实证结果,对上市公司、投资者和独立董事提出相关建议。

This paper constructs a research model of social capital,competitive strategy and corporate performance of independent directors,and studies the dynamic data of 99 listed companies in the real estate industry from 2008-2018 to study the relationship between the independent director and company performance from the perspective of independent directors’ social capital. The research shows that independent directors’ social capital has a significant positive impact on corporate performance. With the passage of time,the impact of social capital of independent directors on corporate performance has gradually increased. Low-cost strategy plays a part of intermediary role in the relationship between independent directors ’ social capital and corporate performance. The positive influence of political relationship, financial background, previous position,educational background and legal background on corporate performance decreases in turn. Based on the empirical results,some suggestions are put forward for listed companies,investors and independent directors.