女性董事长与公司审计师选择--基于中国资本市场的经验证据  

Chairwomen and Corporate Auditor Choice:Empirical Evidence from Chinese Listed Companies

作　　者：唐玮[1] 陈思 周畅 姜付秀[4] TANG Wei;CHEN Si;ZHOU Chang;JIANG Fu-xiu(School of Accountancy,Anhui University of Finance and Economics,Bengbu,Anhui,233030,China;School of Public Finance and Taxation,Central University of Finance and Economics,Beijing,100081,China;School of Accountancy,Zhejiang University of Finance and Economics,Hangzhou,Zhejiang,310018,China;School of Business,Renmin University of China,Beijing,100872,China)

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233030 [2]中央财经大学财政税务学院,北京100081 [3]浙江财经大学会计学院,浙江杭州310018 [4]中国人民大学商学院,北京100872

出　　处：《经济管理》2021年第6期173-189,共17页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金项目“地方政府债务与企业税负”(20BJY023);中央高校基本科研业务费专项资金及中央财经大学科研创新团队支持计划“资本市场参与者个体特质与行为研究:基于多学科融合视角”。

摘　　要：随着越来越多的女性参与企业经营管理,女性高管对公司决策的影响受到广泛关注,并成为一个重要的学术研究领域。不同于西方CEO中心主义,在中国,董事长掌握了公司决策权。基于中国特殊的制度情境与公司实践,本文以2004-2017年A股上市公司为样本,从公司审计师选择这一新的视角,实证检验了董事长性别对公司决策的影响。结果表明,女性董事长更倾向于聘用高质量的审计师,以向市场传递自身能力及公司经营情况的正面信号,该效应在董事长权力更大、公司信息不对称程度更高时更加显著。本文的研究结论在丰富高阶梯队理论以及审计师选择影响因素等领域文献的同时,还具有较为重要的管理启示。As more and more women participate in business management,the influence of female executives on corporate decisions has received widespread attention and has become an important area of academic research.Unlike the western CEO centralism,the chairman of the board controls the decision-making power of the company in China.Due to the highly concentrated ownership structure of listed companies in China,in the absence of mature managers in the market environment,the chairman who is the representative of major shareholders can not only control the board of directors to decide the appointment of CEO and other senior executives,but also directly participate in or even decide the daily decisionmaking of the enterprise.As a result,the chairmen of listed companies in China tend to have the highest power.At the same time,from the perspective of organizational culture,the high power distance in China leads to more unequal power distribution in organizations,which further amplifies the power of the chairman.When women are chairmen,they control much more power than other female board members,and the decision-making preferences caused by gender characteristics should have an important impact on corporate behavior.In view of this,this paper examines the influence of female chairmen on auditor selection of listed companies based on the special institutional situation and company practice in China.The study found that female chairmen were more likely to choose high-quality auditors than male chairmen.The findings remain valid after controlling for endogeneity and the impact of female CEOs on audit decisions.Further research found that the effect of female chairmen on auditor selection was more significant in firms which were more powerful chairmen and higher levels of information asymmetry.The research results show that female chairmen have a positive impact on the audit decisions of companies and it is beneficial to play the role of external audit in corporate governance.The contributions of this paper are mainly two aspects:Firs

关 键 词：女性董事长 审计师选择 公司治理 

分 类 号：F273.1[经济管理—企业管理]