女性董事、董事会权力集中度与企业创新投入  

Women Directors, Power Concentration of the Board of Directors and Innovation Investment

作　　者：严若森[1] 朱婉晨 

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《证券市场导报》2018年第6期15-25,共11页Securities Market Herald

基　　金：国家自然科学基金项目"基于双重委托代理理论模型构建的股权集中型公司治理最优化研究"(70502024);教育部新世纪优秀人才支持计划项目(NCET-11-0412)

摘　　要：本文基于信息决策理论与社会角色理论,以2007~2015年中国沪深两市A股上市公司为研究样本,就女性董事这一董事会的人口统计学特征变量对企业创新投入的影响进行了实证研究,并考察了董事会权力集中度这一组织特征变量对此影响的调节作用。研究结果表明:(1)女性董事与企业创新投入之间存在一种"倒U型"的非线性关系,亦即,随着董事会中女性董事的数量或比例的增加,企业创新投入呈现出先上升后下降的演变趋势;(2)董事会权力集中度能够调节女性董事对企业创新投入的影响关系。本文建议,企业在聘请女性董事时,既要考虑女性董事的数量或比例的临界阈值,亦要结合企业自身所处的生命周期阶段,尚需正视董事会集权程度的实际情形,并考虑对企业创新投入的现实需求或潜在预期,以尽可能实现女性董事对董事会治理优化与企业创新的双重改善与促进。Based on the perspectives of information and decision-making theory and social role theory, this study empirically investigates the relationship between women directors and innovation investment and the moderating effect of power concentration of the board of directors by using the A-share listed companies in Shanghai and Shenzhen stock exchange during the period 2007-2015 as research samples, and draw the following conclusions. Firstly, the relationship between women directors and innovation investment is nonlinear and ＂inverted U-shaped＂. That is, as the number or ratio of women directors increases, the innovation investment shows an upward trend at first and then declines. Secondly, power concentration of the board of directors has positive role in the relations between women directors and innovation investment. Thus, this paper suggests that when hiring women directors, the company should not only consider the threshold of the number or ratio of women directors, but also combine with the development stage of its life cycle. Furthermore, enterprises ought to face up to the actual situation of power concentration of the board of directors and consider the actual demand or potential expectation of innovation investment so as to achieve the dual improvement and promotion of board governance optimization and enterprise innovation by the important demographic characteristics of women directors.

关 键 词：女性董事 董事会权力集中度 企业创新投入 倒U型关系 

分 类 号：F270[经济管理—企业管理]