Empirical Analysis Of The Impact Of Board Capital On Firm Performance Based On SEM

The board of directors commissioned by the General Meeting of Shareholders to hold the highest decision-making power of the enterprise.It not only controls a large amount of resources,but also determines the direction of enterprise development.It can be said that as the core of corporate governance,the board of directors plays an irreplaceable role in the value creation of an enterprise.As for how the board of directors affects the value creation of enterprises,a large number of domestic and foreign scholars have carried out relevant research and put forward the concept of board capital.From the initial exploration of the direct effect of board capital on firm performance to the recent focus on how board capital affects business performance through different paths,we can say that there has been some progress in the research community on this issue.However,most of the current researches focus on the investigation of the single path.At the same time,they often adopt the idea of "dividing" about the measurement of the board capital.They can not only examine the mutual influence of multiple paths as a whole,but also make it difficult to innovate the measurement of board capital.However,the board capital is a "latent variable" in the statistical sense and can not be measured directly.This paper chooses the GEM companies as the research object,selects the data of 385 GEM enterprises from 2015 to 2016,and constructs the structural equation model to investigate not only the multipath between the board capital and corporate performance,and explored "black box" how the board influence the corporate performance.It also provides a new way for the measurement of board capital.There are five sections divided in this paper and what in the initial section is the background and significance of the selected topics.Based on the review of the current literature,this paper proposes the research ideas and research methods,at the same time points out the innovation and deficiency of this paper.The second chapter focuses on the concept of board of directors capital and the theoretical basis of the capital of the board of directors on corporate performance,through the analysis of the Agency Theory,Resource Dependence Theory and Resource-based Theory,to pave the way for future writing;the third chapter introduces the structural equation model including the basic principle and theanalysis step of SEM,and then put forward the theoretical framework of this article,combing describe the measurement of related variables in detail.The fourth chapter's empirical analysis is the key chapter of the full text.This chapter first discusses the sample selection and data source,And descriptive analysis of the data,the data after normality test,and the reliability and validity of the data scale was analyzed,and then based on the model test and evaluation,draw empirical results,The analysis results show that: Board of Human Capital have negative effects through R&D innovation on corporate performance,have a positive effect through corporate governance on business performance.Social capital of the board of directors has a positive effect on firm performance through R&D innovation,but by the impact of corporate governance on firm performance is not significant.The fifth chapter,through the conclusion of the empirical results,draws conclusions,and gives the current GEM how to enhance corporate performance policy recommendations,and finally gives the research limitations and prospects.