Research On The Path Of Board Capital Influencing Enterprise Value

With the continuous development of China's economic level,the continuous advancement of science and technology,and the continuous improvement of market mechanisms,Chinese enterprises are faced with an uncertain external environment,multi-level business types,and different types of customer groups.In the face of the external environment with intensified competition,how to maintain its own advantages to survive in the market,how to enhance the value of the company itself,and how to manage the company to achieve sustainable development has become a topic of common concern for enterprises and researchers.This paper integrates the existing theories,builds models,improves the existing logical structure of the board of directors' capital,excavates the path of enhancing the value of the board of directors' capital to the enterprise,and promotes the promotion of the value of the enterprise through the path study of the direct and indirect impact of the board of directors' capital on the enterprise value.This paper empirically analyses the data of Shenzhen A-share high-tech listed companies from 2013 to 2015 and draws the following conclusions: Firstly,there is a correlation between board capital and innovation ability of enterprises: the education level and team heterogeneity of board human capital are positively correlated with innovation ability of enterprises,and the social capital of board of directors is positively correlated with innovation ability of enterprises.The relationship between directors and innovation ability of enterprises is inverted "U" type,and directors with political resources can promote the improvement of innovation ability of enterprises.Secondly,board capital is positively correlated with enterprise investment decision-making ability.The promotion of board human capital and social capital can reduce inefficient investment,but the education level of board of directors in board human capital has a greater impact on underinvestment than overinvestment;the team heterogeneity of board of directors has a greater impact on overinvestment.The relationship between directors in the social capital of the board of directors has a greater impact on underinvestment than overinvestment,and the political resources of the board of directors have a greater impact on overinvestment than underinvestment.Finally,the board of directors' capital,enterprise innovation ability,enterprise investment decision-making ability and enterprise value are linked through structural equation model.It is found that the resources provided by board of directors' capital can directly enhance enterprise value,and the board of directors' capital can also enhance enterprise value through innovation ability and investment decision-making ability.However,there are differences in the degree of impact between the two.The direct impact of board capital on corporate value is greater than that of board capital through indirect path.This conclusion provides a new way to enhance corporate value.