董事会社会资本对企业市场价值的影响研究——来自创业板上市企业的经验数据  

Study on the Influence of Social Capital of Board of Directors on Enterprise Value--Empirical Data from GEM Listed Enterprises

作　　者：杨洪治 吴崇 Hongzhi Yang;Chong Wu(Commercial college,NUIST,Nanjing 210044,China)

机构地区：[1]南京信息工程大学商学院,江苏南京210044

出　　处：《管理科学与研究（中英文版）》2022年第7期150-153,共4页Management Science and Research

摘　　要：本文通过对2014-2019年创业板公司的财务数据进行回归分析,研究了董事会社会资本影响企业市场价值的机制。本文依靠董事与其他组织的联系,来衡量董事会的外部社会资本,通过董事会会议次数来衡量董事会内部社会资本。通过将董事会内外部社会资本纳入同一研究框架,得出董事会内外部社会资本均对企业市场价值有显著的正向影响,并且董事会内外部社会资本能够互相调节共同作用于企业市场价值的结论。通过本文的研究,得出董事会选举与治理的新角度——兼顾董事会内部社会资本与外部社会资本。Based on the regression analysis of the financial data of GEM companies from 2014 to 2019,this paper studies the mechanism of the influence of social capital of the board of directors on enterprise value.In this paper,the external social capital of the board of directors is measured by the association between directors and other organizations,and the internal social capital of the board is measured by the number of board meetings.By integrating the internal and external social capital of the board of directors into the same research framework,it is concluded that both internal and external social capital of the board of directors have a significant positive impact on the enterprise value,and the internal and external social capital of the board of directors can regulate and jointly act on the enterprise value.Through the research of this paper,a new Angle of board election and governance is obtained--considering the internal social capital and external social capital of the board of directors.

关 键 词：连锁董事 资源依赖效应 外部社会资本 内部社会资本 企业市场价值 

分 类 号：F27[经济管理—企业管理]