Based on the grounded theory and the selecting situation of outside directors, this paper builds a model of the effect of board capital on the decision-making performance of board. The result shows that by providing expert advice, information channels and social relations,the board capital can affect the decision-making performance of board. Demands-abilities fit and capital heterogeneity have a moderate influence on the relationship between board capital and decision-making performance. This paper not only uncovers the “black box” of how the board characteristics affect the firm performance, but also provides some useful suggestions to perfect the system of board of directors and improve the system of selecting outside directors.%文章采用扎根理论的研究方法,在外部董事进入董事会的情境下,构建国有企业董事会资本与董事会决策绩效的关系模型。研究表明,专家意见、信息渠道和社会关系影响董事会的决策绩效;而能力匹配度和资本异质性对这种影响关系起着调节作用。研究结果不仅揭开了董事会特征如何作用于企业绩效的“黑箱”,也为进一步完善国有企业董事会制度和外部董事选聘制度提供了参考。
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