Study On The Influence Of Board Diversity On The Performance Of State-owned Enterprises

State-owned enterprises control the lifeline of the national economy and play a role in reconciling the development of all aspects of the national economy.From the thirteenth five-year period to comprehensively deepen the reform of state-owned enterprises,to nineteen continue to expand the classification of state-owned enterprises strategy,state-owned enterprise research has always been the focus of attention of all sectors of society,the essence of the study is to achieve the optimization of state-owned enterprises and decision-making efficiency With promotion.The board of directors,as the agent of the shareholder and the manager of the manager,is the core organization of modern corporate governance.The operation and decision-making efficiency of the board of directors is a key issue for the reform of state-owned enterprises.Therefore,the governance structure and impact mechanism of the board of directors,Research has become the key point for the inevitable governance of state-owned enterprises and the opening of the black box for governance.TMT chain network exists in the state-owned enterprises,the location of the network affect enterprise information exchange and decision-making and corporate governance efficiency.The study of the diversity of the board of directors combined with the TMT network where the enterprises are located helps to extend the scope of state-owned enterprise governance and proposes policy suggestions on how to optimize the governance of state-owned enterprises at the source.This article takes 503 state-owned listed companies in Shanghai and Shenzhen A shares for the period 2010-2014 as the research object,further subdivides the research object into 426 businesses according to the classification method of state-owned enterprises put forward in"Decision of the CPC Central Committee on Some Important Issues of Fully Deepening Reform" Owned state-owned enterprises and 77 public-owned state-owned enterprises,respectively,to study the impact of the diversity of the board on the performance of enterprises.And analyzes the regulatory function of TMT chain network on the diversity of board and corporate performance.The business performance is divided into short-term performance(return on total assets)measured by the report items and long-term performance(Tobin's Q value)measured by the realities of enterprises and future development.The diversity of the board of directors is divided into the diversity of governance structure,the diversity of knowledge experience and the diversity of rights level.Representative measurement indexes are selected,and the diversity index is measured by blau index.Further,this article combines the high-rise echelon,modern housekeeper and social network theory to study the regulatory effect of the executive chain network on the diversity index system and the corporate performance of the two types of state-owned enterprises.Trying to break through the limitations of existing state-owned enterprise governance research,revealing the core of state-owned enterprise governance and trying to provide new insights into the efficiency of state-owned enterprise governance and decision-making.The empirical results show that:First,the diversity of board members positively affects the short-term and long-term performance of state-owned enterprises;secondly,the diversity of governance structure of the board of directors positively affects the long-term performance of commercial and public-welfare SOEs and negatively affects the public-Thirdly,the diversity of knowledge experience positively affects the long-term performance of commercial and public-welfare state-owned enterprises,and has no significant effect on the short-term performance of commercial and public-welfare enterprises Fourthly,the diversification of right level of board of directors negatively affects the long-term and short-term performance of commercial state-owned enterprises,negatively affects the short-term performance of non-profit state-owned enterprises,and has no significant effect on the long-term performance of public welfare type.Enterprise long-term performance adjustment effect is significant,the effect of short-term performance regulation is insignificant.In particular,the study found that TMT chain network regulation of commercial state-owned enterprises significantly higher than the public-owned state-owned enterprises.According to the results of empirical research,this paper puts forward policy suggestions on the optimization of the staffing of the Board of Directors.The innovation of this paper lies in the following aspects:First,based on the improvement of the effectiveness of state-owned enterprise governance,breaking through the limitations of the diversity of state-owned enterprise board of directors,it provides important analysis basis for further solving the governance of state-owned enterprise board of directors.Second,The system comprehensively evaluates the relationship between the governance of the two types of state-owned enterprises and the performance of enterprises,and complements the adaptability of this analysis perspective to state-owned enterprises.Thirdly,it expands the scope of social network theory research and analyzes the top management chain of state-owned enterprises to analyze TMT chain network The core of diversity between the board of directors and the short-term performance of state-owned enterprises provides the theoretical basis and support for the reality of the Chinese executives chain network.