董事会金融关联与企业多元化经营绩效研究

经济转型时期金融体制环境的特殊性,使得多元化企业董事会成员金融关联特性的战略价值愈发重要。沪深两市制造业上市公司的实证研究表明,董事会金融关联特性总体上对于改善多元化企业经营绩效具有正向促进作用,而且这一作用并不受企业所在地区金融发展水平的影响。由于预算约束环境与资金利用效率的差异,董事会金融关联特性对于非国有控股企业多元化经营绩效具有更为明显的正向调节效应。

The Research on Firm Diversification Strategy,Board Finance Affiliation and Corporate Performance

The financial affiliation of the members in the board is important to realize the strategic value especially in the period of transition economy when the financial environment is special.The research of the data from the firms in Shenzhen and Shanghai stock exchange markets proved that the financial affiliation of the members in the board could promote the corporate performance,which is not influenced by financial development.Further,based on differences in the budget constraint environment and the financial efficiency,the financial affiliation of the members have evident adjust effect on the performance of non-state owned firms.