董事会群体断裂带对企业战略绩效的影响研究--董事长职能背景和董事会持股比例的调节作用

摘要

The relationship between board and corporate strategic performance has always been the emphasis in the academic circle and business world. From the perspective of moder‐ating effects of chairman functional background and board shareholding proportion ,this pa‐per uses hierarchical multiple regression method to study the influence of board group fault‐lines on corporate strategic performance by the data of CSI 300 constituent stocks listed com‐panies from 2010 to 2013. It comes to the results as follows :firstly ,board group faultlines has a significantly negative correlation with corporate strategic performance ;secondly ,chair‐man functional background plays a negative role in the relationship between board group faultlines and corporate strategic performance ;thirdly ,the moderating effect of board share‐holding proportion on the relationship between board group faultlines and corporate strategic performance is not significant. This paper deepens and enriches the research findings about the relationship between board and firm value ,and also offers important enlightenment for promoting corporate strategic performance by optimizing the configuration of board of direc‐tors.%董事会与企业战略绩效之间的关系一直是学术界和实务界关注的重点。本文以2010—2013年中国沪深300成分股上市公司为研究对象，基于董事长职能背景与董事会持股比例调节作用的视角，运用多元层级回归技术，检验了董事会群体断裂带强度对企业战略绩效的影响。研究结果表明：（1）董事会群体断裂带强度与企业战略绩效之间具有显著的负相关关系；（2）董事长职能背景对董事会群体断裂带强度与企业战略绩效之间的关系存在负向调节作用；（3）董事会持股比例对董事会群体断裂带强度与企业战略绩效之间关系的调节作用并不显著。本文深化和丰富了董事会与企业价值关系的研究，对我国公司制企业通过优化董事会配置来促进战略绩效的提升也有重要启示。