女性董事在公司投资中的角色  

The Role of Female Directors in Corporate Investment in China

作　　者：金智[1] 宋顺林[2] 阳雪[3] 

机构地区：[1]西南财经大学会计学院,611130 [2]中央财经大学会计学院,100081 [3]中山大学管理学院/中山大学现代会计与财务研究中心,510275

出　　处：《会计研究》2015年第5期80-86,95,共7页Accounting Research

摘　　要：结合中国社会的文化背景和制度环境,本文考察了市场环境和组织环境如何影响女性董事对公司投资效率的影响。结果发现,女性董事比例越高,公司投资效率越低;但是,市场化程度高或组织权力分散会削弱女性董事对公司投资效率的这种负面作用。本研究说明,女性董事治理作用的发挥取决于其所处的市场环境和组织环境。本文既有利于进一步打开董事会治理与公司价值之间的黑箱,也能丰富女性公司治理的相关研究。This paper investigates the effects of regional market environment and organisational- power environment on the relationship between female directors and corporate- investment efficiency in the Chinese institutional context. Our results show that although a higher proportion of female directors is in general associated with a lower level of investment efficiency,both a stronger market environment and a lower power concentration may attenuate the negative effect of female directors on investment efficiency. These findings indicate the importance of considering regional environment and organizational environment when examining the role of female directors in board governance. This paper is not only helpful to open the black box of corporate governance and corporate value,but also is helpful to rich the corporate governance research of female directors.

关 键 词：女性董事 公司投资 公司治理 

分 类 号：F271[经济管理—企业管理] F275[经济管理—国民经济]