性别结构、管理层互动与上市公司市场价值  

Gender Structure,Management Interaction,and Corporate Value of Listed Companies

作　　者：梁若冰[1] 张东荣 莫雅婷 Liang Ruobing;Zhang Dongrong;Mo Yating(School of Economics,Xiamen University,Xiamen 361005)

机构地区：[1]厦门大学经济学院,厦门361005

出　　处：《管理评论》2021年第12期200-212,共13页Management Review

基　　金：国家自然科学基金面上项目(72074185);国家自然科学基金青年项目(71804058)。

摘　　要：本文采用沪深A股上市公司数据,考察了高层管理者性别结构对企业市场价值的影响,发现女性董监高比例总体上提升了企业市场价值,但具体到各部门则只有女性高管与监事存在正向作用,而女性董事则存在负向影响。通过替代变量分析与工具变量回归,本文发现女性高管的正向作用最为稳健,女性董事次之,而女性监事的作用并不稳健。在对管理层相互作用的进一步分析中,本文发现企业并不存在"蜂后综合征",且当CEO和董事长同为女性时还会显著提升企业市场价值。此外,当董事长为女性时,较高的女性董事比例有利于提升企业市场价值;而当CEO为女性时,女性高管比例越高越不利于企业市场价值的提升。最后,本文考察了性别结构对企业发展战略的影响,发现管理层女性比例较高的公司表现出风险厌恶倾向,且更善于控制营业成本、创新、进行市场推广以及履行社会责任,但非生产性费用的支出较多。This paper uses a financial dataset of 2000-2014 listed firms on Shenzhen and Shanghai Stock markets to analyze the impact of gender structure of management and board on firms’performance.The results of regression suggest that the share of female director,executives and supervisors has significant and positive effect on firm’s market value.Specifically speaking,however,only female executives and supervisors have positive role and female directors have negative impacts.Through the substitution variables analysis and instrumental variable regression,we find that the positive role of executives is most robust,that of female directors is less robust and the effect of female supervisors is not robust.Further analysis doesn’t find“queen bee syndrome”from Chinese enterprises.Moreover,female as both CEO and chairperson can produce significant and positive effect on company’s value.So far as the decision making and executive level is concerned,when board chairmen is female,higher proportion of female directors is more conducive to the promotion of corporate value.On the contrary,when CEO is female,higher proportion of female executives is not conducive to the promotion of corporate value.Finally,we examine the impact of gender structure on enterprise’s development strategy,and find that higher proportion of female managers is associated with higher risk aversion,stricter control over operating cost,more innovation and market orientation,and high possibility of fulfilling social responsibility,but more non-productive expenditure.

关 键 词：性别结构 管理层互动 上市公司市场价值 企业发展战略 

分 类 号：C913.68[经济管理] F832.51[社会学] F272.91