The Influence Of Board Capital On The Growth Of GEM Enterprises

The GEM in China gathers most high-tech,high-efficiency and high-growth start-up companies,and its sustainable development plays an important role in the healthy and orderly operation of the national economy.Growth,as a key index to measure the operation and expansion capacity of gem enterprises,can better reflect the development of enterprises comprehensively compared with enterprise performance.At the same time,the board of directors plays an important role in corporate governance,and the daily operation of GEM enterprises is largely dependent on the mobilization of internal and external resources by the board of directors.Based on the characteristics of GEM companies with low entry threshold and strict operation requirements,most of them face high uncertainty.How to achieve sustainable and healthy growth is an urgent issue for enterprises to consider.Therefore,from the perspective of environmental uncertainty,this article explores the impact of board capital on corporate growth.This article selects 413 GEM companies from 2013 to 2018 as the research sample,and establishes a multiple regression model to test the relationship between board capital and corporate growth and the regulatory role of environmental uncertainty,and specifically studies the following issues:(1)Human capital and social capital by the board of directors of the single index and integrated index of the impact on enterprise growth,whether the impact is the same?(2)How does the internal mechanism of board capital and enterprise growth play a role in differentiating between heterogeneous enterprises?(3)Can environmental uncertainty adjust the impact of human capital and social capital on business growth? Based on this,this paper studies the influence mechanism of board capital on enterprise growth from the perspective of environmental uncertainty by selecting four variables of board education background,career background,interlocking director relationship and political correlation from the two dimensions of board human capital and social capital.The findings are as follows:(1)The human capital of the board of directors has a positive impact on the growth of enterprises,in which the educational background and the professional background of the board of directors have a positive effect on the growth of enterprises;(2)The social capital of the board of directors plays a role in promoting the growth of enterprises,among which the chain director relationship is negatively correlated with the growth of enterprises,and the political relationship is conducive to promoting the growth of enterprises;(3)Compared with non-manufacturing enterprises,human capital and social capital of the board of directors of manufacturing enterprises have a significant impact on the growth of enterprises;Compared with the central and western regions,the human capital and social capital of the board of directors in the eastern region have a significant impact on the growth of enterprises;The influence of board human capital on the growth of state-owned enterprises is more significant than that of non-state-owned enterprises,while the influence of board social capital on the growth of non-state-owned enterprises is more significant than that of state-owned enterprises;(4)the higher the environmental uncertainty,the better the human and social capital of the board of directors,the more conducive to the growth of the enterprise.Finally,combined with the above conclusions and practical experience,this paper puts forward relevant suggestions from the GEM enterprises and the government.