Research On The Influence Of Board Of Directors Characteristics On Corporate Performance

With the quick change and rapid development of information technology,the positive impact on productivity is becoming increasingly evident;however,the internal and external uncontrollable factors and the competition among industries are also becoming more complicated and intense at the same time,leading a core problem appeared and must be resolved in order to help the company maintain and enhance the leadership position in the market.In other words,if the factors which affect the performance can't be discovered and controlled in a timely manner,the efficiency of board governance has not play its proper supervision,strategy and service functions at the overall level,then a serious trouble will arise and will have a severe adverse impact on company.Therefore,it is of great practical significance to study the influence of board characteristics and structure on corporate governance and performance.This thesis expounds the characteristics of board from eight aspects,including board scale,power balance,motivation,authority,gender,age,human capital,and behavioral.Then it analyzes the function of board of directors from the perspective of principal-agent theory,insider control theory,resource-dependent theory,stewardship theory and stakeholder theory in order to elaborate the theoretical logic of the board's influence on performance and analyze the influence path.Secondly,due to the listed companies of information technology industry have "high input,high yield,high growth,high risk" features,so in the selection of indicators of board of directors' characteristics,this thesis increases some indexes such as gender,age,and educational background in order to reflect the industry features.Finally,data of 247 A-share listed companies of2013-2015 for consecutive 3 years is selected from the target industry in purpose of conducting empirical test by using SPSS software.The results show that among the board size,chairman of board as general manager,directors education background and proportion of independent directors,the former three have a significant positive impact on corporate performance,while the last one has a significant negative impact.In addition,the number of board meetings has a negative inverted U shaped influence on performance,and other indicators such as the proportion of female directors,the impact of them are not significant.The results above extend the scope and applicability of the board governance theory,which will help later researchers to explore the impact of human capital of board of directors characteristics onperformance of information technology industry;and will also help the listed companies of this industry to strengthen the distribution and balance of power in order to make the members of the board to be more independent and creative in the work.