同時，我們的研究也發現，薪資多元化程度對ROE有倒U型曲線關係，年齡多元化程度對Tobin’s Q呈現正U型曲線關係。 ;The purpose of this study is to examine the relationship between board diversity and firm performance. We analyze 121 companies that listed in Mainland China. We selects samples of the year 2013 descriptive statistics and makes regression analysis to test hypotheses.
In this study, we definite four board diversity variables: gender, age, educational level and pay level. We use ROE and Tobin’s Q as our firm performance variables. The results of the study showed that the diversity of directors’ gender, age and pay level has a significant positive correlation with firm performance，but the diversity of directors’ educational level has a negative correlation with firm performance.
Our results also reveal an inverted U-shape curvilinear relationship between the diversity of directors’ pay level and firm performance. What’s more, there is a distinct U shape curve relation between the diversity of directors’ age and firm performance.