董事会多样性与投资效率  

Board Diversity and Investment Efficiency

作　　者：黄思宇 栾中玮 Huang Siyu;Luan Zhongwei

机构地区：[1]英国伯明翰大学商学院

出　　处：《财政科学》2022年第3期72-89,共18页Fiscal Science

摘　　要：本文基于董事会多样性会影响董事会咨询职能的视角,以2003-2019年中国A股主板上市公司为样本,分别检验了董事会整体、执行董事、非执行董事多样性与中国企业投资效率的关系。本文从董事会成员年龄、性别、国籍、教育、金融背景和在其他公司董事会工作的经验多样性六个维度来衡量董事会多样性。研究发现:董事会整体多样性高的公司可以提高公司的投资效率;执行董事和非执行董事多样性都不影响企业投资效率。对研究结果进一步分析表明,董事会多样性对投资效率的影响主要来源于社会多样性而不是职业多样性;除了董事会成员年龄和金融背景多样性可以提高投资效率之外,其他四个维度的多样性都与投资效率无关。Based on the perspective that the board diversity may affect the advising function of the board of directors,this paper uses the A-share listed companies from 2003 to 2019 as a sample to test how the overall,executive and non-executive board diversity affect the firm investment efficiency.Using a multidimensional measure of diversity index consisting of board age,gender,nationality,educational background,financial expertise,and breadth of board experience,we find that firms with higher overall board diversity have better investment efficiency.However,after separating the effect of diversity added to the board by non-executive versus executive directors,we find that non-executive and executive board diversity have no impact on investment efficiency.This result implies that only when combining the diversity of non-executive and executive boards,the board diversity can improve investment efficiency.Moreover,we find that the impact of board diversity on investment efficiency mainly comes from the social diversity effect rather than the professional diversity.In addition,except for the diversity of board age and financial background,which can improve investment efficiency,none of the other four dimensions of diversity affects investment efficiency.

关 键 词：董事会多样性 执行董事 非执行董事 投资效率 

分 类 号：F271[经济管理—企业管理]