我国上市公司女性高管对企业并购绩效的影响研究  

Research on the Impact of Women Top Managers in China Listed Companies on the Performance of M&A

作　　者：李卫民[1] 黄旭[1] 

机构地区：[1]西南财经大学工商管理学院,四川成都611130

出　　处：《管理工程学报》2014年第3期18-25,73,共9页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(71102179;G020101);教育部人文社会科学研究规划基金资助项目(09YJA630134);中央高校基本科研业务费专项资金资助项目(JBK1207006)

摘　　要：并购作为企业追求规模效益、提高经济效率、合理配置资源的有效战略,在经济转型期日益频繁地被企业采用。企业高管承担着制订和实施企业并购战略的使命,与企业并购行为能否提升其绩效有着紧密的联系。近几年来,大量女性开始进入企业高管团队,在企业管理团队中发挥着重要作用。本文以207家中国A股上市企业为样本,分析了女性高管对企业并购绩效的影响。研究结果显示女性高管比例以及女性高管在其他单位兼职均与企业并购绩效之间存在着正相关关系,能够显著提高企业并购绩效。本研究对企业高管团队的配置和建设具有一定的启示作用,为企业并购提供理论指导,进一步拓宽了现有高层管理团队的研究范围,对政府制定有关促进女性发展政策提供参考,同时也希望借此研究打破无形"玻璃天花板"阻碍,为女性高管的发展提供帮助。Merger and acquisition （M＆A） has become an effective approach for capital operation,value maximization,and improved development efficiency.With the development of economic globalization,merger and acquisition activities are becoming a norm.Top management team can help improve a firm＇s M＆A performance since they are responsible for formulating M＆A corporate strategy.Influenced by traditional Chinese culture for a long time,Chinese women assume more obligations to take care of family than socioeconomic responsibilities.Therefore,Chinese female managers are often faced with ＂glass ceiling＂ obstacle in business practice.With the development of history and social progress,the social status of women has been improved unprecedentedly.In recent years,there have been significant changes in the number of women assuming leadership positions in China.From a global perspective,it has been a trend that the number of female executives is increasing continuously.This change has attracted the interest of economists and other social scientists who want to understand the implications of female leadership for many corporations.But most of the previous studies are based on Western context and show mixed results by employing various data and methodologies.However,only few empirical evidences have investigated the relationship between top female managers and the performance of M＆A based on Chinese data.This study adds to the growing number of literatures by examining the association between top female managers and M＆A performance for a sample of 207 companies listed in Chinese stock markets.Based on the sample of 207 A-share listed companies as the research object,this paper examines the relationship between top female managers and the performance of M＆A using factor analysis,correlation and multiple linear regression.The empirical results show that the percentage of top female managers in the company is positively related with the performance of M＆A.In addition,a positive relationship exists between top female

关 键 词：女性高管 注意力基础观 并购绩效 

分 类 号：F270[经济管理—企业管理]