CAJ | 학술논문

现有对董事会战略参与效应的研究主要集中在董事会结构方面，忽视了董事会人力资本对战略参与的影响。文章以我国146家创业板上市公司为样本，研究董事会战略参与对公司绩效影响及人力资本对董事会战略参与的调节效应。回归结果显示，董事会战略参与程度与公司绩效正相关，董事年龄对董事战略参与有显著的正向调节作用，董事受教育程度与连锁董事数对董事会战略参与效应调节作用不显著。研究结果表明董事会战略参与不足和人力资本低效利用是制约创业板企业发展的两大因素。
현유대동사회전략삼여효응적연구주요집중재동사회결구방면，홀시료동사회인력자본대전략삼여적영향。문장이아국146가창업판상시공사위양본，연구동사회전략삼여대공사적효영향급인력자본대동사회전략삼여적조절효응。회귀결과현시，동사회전략삼여정도여공사적효정상관，동사년령대동사전략삼여유현저적정향조절작용，동사수교육정도여련쇄동사수대동사회전략삼여효응조절작용불현저。연구결과표명동사회전략삼여불족화인력자본저효이용시제약창업판기업발전적량대인소。
The present research on strategy participation of board focused on the board structure, but ignoring the board capital＇s impact. This paper takes 146 listed companies on GEM in China as the sample to research board of strategy participation impacting on corporate performance and board capital strategy participation on regulating effect. The regression result shows that the degree of director of strategic participation has positive correlation with corporate performance, director age on director strategic participation has a significant positive adjustment, director of the level of education and the number of interlocking directorate have no significant effect on director of strategy participation and effect regulation . The result shows that board＇s strategy involved in insufficient and inefficient utilization of human capital are the two reasons which restricted the development of the gem companies.