一、引言1984年,Hambrick和Mason提出高层梯队理论,将年龄、教育背景、任期长短等人口统计学变量作为衡量企业管理团队人力资本的指标。~([4])从此学者们开始以人口统计学特征作为替代变量来研究高管团队的人力资本特征。但是,关于高管团队人力资本异质性特征的研究不是很多,特别是董事会成员的异质性特征。合理的董事会 I. Introduction In 1984, Hambrick and Mason proposed a high-level echelon theory, using demographic variables such as age, educational background and length of term as indicators of the human capital of a business management team. ~ ([4]) From this scholars began to demographic characteristics as a substitute for the study of the top management team’s human capital characteristics. However, there are not many studies on the heterogeneity of human capital in senior management team, especially the heterogeneity of board members. Reasonable board of directors