董事会特征与企业绩效的关系：基于社会责任的调节作用
On Relationship between Board Characteristics and Corporate Performance Based on the Moderating Effect of Social Responsibility

文章利用我国2015~2019年计算机、通信和其他电子设备制造业上市公司的平衡面板数据，探究董事会特征、社会责任和企业绩效的内在机制。研究发现：不同董事会特征对企业绩效产生差异化影响。其中，董事会会议次数增多会推动企业绩效的提升，社会责任未起调节作用；高董事会学历水平显著正向影响企业绩效，企业履行社会责任则弱化该影响；独立董事占比负向影响企业绩效，但不显著，社会责任未起调节作用。进一步分析发现，与国有企业相比，非国有企业董事会召开会议、招聘高学历董事以及履行社会责任对企业绩效的影响更显著。研究结论为厘清董事会特征对企业绩效的差异化影响提供理论支撑，也对我国不同股权性质企业管理者建立和完善董事会治理架构具有现实意义。
This study uses the balanced panel data of Chinese ICT industry from 2015 to 2019. Research ex-plores the internal mechanism of board characteristics, social responsibility and corporate per-formance. We find out that board characteristics have different effects on corporate performance. Firstly, the increase in board meetings will promote corporate performance, while social responsibility does not play a role in moderating. Secondly, directors who have been well-educated do a positive impact on corporate performance, while social responsibility weakens the impact. Thirdly, independent directors negatively affect corporate performance without a significant outcome, and social responsibility dose not play a moderating role. Moreover, compared with state-owned enterprises, non-state-owned enterprises with board meetings, well-educated directors, and social responsibilities have a more significant impact on corporate performance. The research provides theoretical support for different influences on enterprise performance by board characteristics. This study reveals practical significance for managers to establish and improve the structure of corporate governance.