Empirical Study on the Effects of Board Characteristics on Enterprise Value Based on Life Cycle Theory

摘要

Board structure is a vital part of corporate governance. Efficient board structure will contribute to the long-term development of the enterprises. Recent years, many researchers have studied the correlation between board characteristics and corporate value, but still haven't got consensus. In this article, we use theoretical analysis and empirical analysis to study whether life cycle stages have impacts on the correlation between board characteristics and corporate value. To do the empirical study, we use the data of A-share manufacturing listed companies of 2012-2017 and constructing life cycle variable according to industry method. The results indicate that life cycle stages have impacts on board characteristics, corporate value and the correlation between them. So when discussing how the board characteristics affect corporate value, it is necessary to clear and define which life cycle stage the enterprise belongs to.