董事会资本对董事会决策质量和监督效率的影响研究

以资源依赖理论为支撑,从人力资本和社会资本两个维度探讨董事会资本对董事会决策质量和监督效率的影响.研究结果表明:首先,董事会平均年龄、平均任期、平均受教育水平以及年龄、任期和教育水平构成异质性等董事会人力资本变量对董事会决策质量和监督效率均无显著影响;其次,董事会内部社会资本中董事会会议次数对董事会决策质量和监督效率影响不显著.内部董事比例对董事会决策质量和监督效率均有显著正向影响,进一步对董事会决策质量和董事会监督效率的中介效应进行检验后发现,内部董事比例对董事会决策质量的影响因董事会监督效率的间接影响而弱化,内部董事比例对董事会监督效率的影响因董事会决策质量的间接影响而消失;最后,董事会外部社会资本中连锁董事有利于提高董事会决策质量,而对董事会监督效率没有显著影响.

The consequence of board capital on board decision quality and supervision efficiency

Based on the resource dependence theory, we explore the consequence of board capital on board decision quality as well as board supervision efficiency from the following two perspectives: human capital and social capital. The main results are as follows: Firstly, board human capital, such as average age, average tenure, average education level and constitute heterogeneity of age, tenure and education level, have no significant effect on board decision quality as well as board supervision efficiency. Secondly, Board meetings, one of board internal social capital, has no significant effect on board decision quality or board supervision efficiency. The proportion of internal directors has positive influence on both board decision quality and board supervision efficiency. Further, we test the mediation effect of board decision quality as well as board supervision efficiency and find that the direct effect of internal directors proportion on board decision quality is weakened due to the indirect effect of board supervision efficiency, while the direct effect of internal directors proportion on board supervision efficiency becomes insignificant due to the indirect effect of board decision quality. Lastly, interlocking directorate, one of board external social capital, is beneficial for improving board decision quality, while has no significant effect on board supervision efficiency. The results have important practical significance in improving board decision quality as well as board supervision efficiency.