女性董事、市场竞争强度对上市公司绩效影响  

作　　者：贾明琪[1] 杜蕊[1] 

机构地区：[1]兰州大学管理学院

出　　处：《企业经济》2018年第2期125-131,共7页Enterprise Economy

基　　金：中央高校基本科研业务费专项资金项目"资本市场服务‘一带一路’建设研究"(项目编号:17LZUJBWZX007)

摘　　要：本文利用2011-2015年中国上市公司A股数据,研究了上市公司女性董事在市场竞争与公司绩效关系之间的作用机制。研究结果表明:女性董事在市场竞争与公司绩效之间的作用机制与公司所处的生命周期阶段有关。在成长期企业中女性董事比例并不会对公司绩效产生直接影响,而是提高了公司绩效对市场竞争强度的敏感程度,而女性董事的绝对人力资本和相对人力资本水平并不会对成长期公司的绩效产生影响。进一步研究表明,对于成熟期企业,女性董事比例的提高会对公司绩效造成负面影响;女性董事的绝对人力资本水平的提高能促进公司绩效,而女性董事的相对人力资本水平的提高则会对公司绩效造成负面影响。根据以上结论,本文提出以下建议:企业处于不同的市场竞争强度下,应关注女性董事战略决策特征对公司绩效的不同影响,选择最利于其发展的董事会成员构成;同时,企业还应该关注女性董事与男性董事人力水平之间的差异,提高男性董事的人力资本水平,以获得更好的公司绩效。In this paper, we use the data of A shares of Chinese listed companies from 2011 to 2015 to study the role of female directors in the relationship between market competition and corporate performance of listed companies. The results show that： the mechanism of female directors in the relationship between market competition and corporate performance is related to the life cycle of the company. The proportion of female directors in the growing enterprise does not have a direct impact on company performance, but improves the sensitivity of corporate performance on the intensity of market competition, and the absolute and relative human capital levels of female directors do not affect the company＇s performance. Further research shows that, for the mature enterprises, the increase of the proportion of female directors will negatively affect the performance of the company; the absolute level of human capital of female directors could boost the performance of the company, but the improvement of female directors＂ relative human capital level will have a negative impact on corporate performance. So, this paper puts forward the following suggestions： under different market competition intensities, enterprises should pay attention to the different influences of female directors＂ strategic decision-making characteristics on corporate performance, and select the most favorable board members for their development; at the same time, enterprises should also pay attention to the difference between the human levels of female directors and male directors, and improve male directors＇ human capital level in order to get better performance of the company.

关 键 词：市场竞争强度 女性董事 公司绩效 人力资本 

分 类 号：F276[经济管理—企业管理]