Research On The Impact Of Board Diversity On The Performance Of Chinese Listed Companies

In the context of economic globalization,global economic competition has intensified,and corporate governance has always been a hot research topic.As the key of corporate governance,the board has attracted the attention of many scholars at home and abroad.There have been scandals in the board of listed companies at home and abroad,which have further triggered thinking of the board of directors about the reasonable structure of the board of directors.With the rapid economic development,the diversified board of directors has gradually become the company's development trend,and the board diversity has become a research hotspot.In previous studies,scholars have focused more on single dimensions,such as the impact of gender diversity and age diversity on company performance.This article cuts in from the perspective of board diversity,and divides it into two categories:observable demographic characteristics and unobservable cognitive characteristics.It constructs the board diversity indicator,including age,gender,nationality,education,financial professional background,overseas background,academic background and concurrent employment in other companies.Using the features of the board members in eight dimensions,a more comprehensive study of the impact of board member diversity on the performance of China's listed companies,hoping to give relevant suggestions for the appointment of board members and corporate governance mechanisms in Chinese listed companies.Based on a review of relevant domestic and foreign literature,based on the principal-agent theory,resource dependency theory,and high-level echelon theory,this article uses empirical research and theoretical analysis of relevant data of China's Shanghai and Shenzhen Stock Exchange A-share listed companies from 2013 to 2017.The results of the study found that:(1)There was a significant positive correlation between the diversity of board members and the market performance of the company as measured by the Tobin Q;(2)A significant negative correlation between the diversity of board members and the financial performance of the company as measured by the ROA;(3)The impact of board diversity on companies with different performances varies.The research results show that the diversity of board members has a significant impact on company performance,and the results of measuring company performance with different indicators are different.For China's listed companies,in the appointment of board members,it is necessary to more fully consider the impact of the diversity of board members and establish a sound board member appointment mechanism.At the same time,it is necessary to further improve the governance mechanism of the board of directors,strengthen the supervision of the board of directors,and establish a more comprehensive and reasonable performance evaluation system.The research conclusions in this article provide relevant suggestions for the selection mechanism of board members in listed companies in China,and provide a reference and inspiration for the construction of a more reasonable board of directors and the better use of the role of the board of directors under the corporate governance system of China.