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基于董事会行为的中介效应视角,以2009~2011年我国由风险投资公司支持的民营创业板上市公司为样本,采用非线性的检验方式,对创业企业异质外部董事通过董事会行为对公司价值的影响进行实证分析。研究发现,提高独立董事比例能够通过强化董事会行为而增加公司价值,且瞬间间接效应随独立董事比例的提高而降低;提高风险投资董事比例将通过弱化董事会行为而降低公司价值,且瞬间间接效应随风险投资董事比例的提高而增加;董事会行为在创始人外部董事比例与公司价值之间无中介效应。
Based on the mediating effect of the board of directors ’behavior, taking the privately owned listed companies backed by venture capital firms in China from 2009 to 2011 as samples, the paper uses a non-linear test to examine the impact of heterogeneous external directors’ behavior on the value of the company through the board of directors conduct empirical research. The research found that increasing the proportion of independent directors can increase the corporate value by strengthening the behavior of the board of directors, and the instant indirect effect decreases with the increase of the proportion of independent directors. Increasing the proportion of venture capital directors will reduce the company’s value by weakening the behavior of the board of directors. The proportion of venture capital directors increased; the behavior of the board of directors did not mediate between the proportion of founder directors and the value of the company.