女性CEO、风险承担与公司战略变革  

Female CEOs, Risk-Taking and Corporate Strategic Change

作　　者：薛坤坤[1] 吴颖旖 王振宇[2] XUE Kun-kun;WU Ying-yi;WANG Zhen-yu(Business School,Zhengzhou University,Zhengzhou 45000l;College of Economics and Management,Bejing University of Technology,Beijing 100124)

机构地区：[1]郑州大学商学院,郑州450001 [2]北京工业大学经济与管理学院,北京100124

出　　处：《软科学》2022年第11期123-128,共6页Soft Science

基　　金：国家自然科学基金项目(72002205、71702114);河南省哲学社会科学规划项目(2021CJJ150);郑州大学人文社会科学优秀青年科研团队培育计划项目(2020-QNTD-01)。

摘　　要：利用2003—2019年沪深两市A股上市公司数据,基于性别认同理论和性别角色理论,探讨女性CEO与公司战略变革之间的关系。研究发现,女性CEO会促进公司的战略变革,CEO权力和女性高管比例会影响女性CEO与公司战略变革之间的关系。CEO权力越大、女性高管越多,越能促进女性CEO对公司战略变革的影响。进一步研究发现,女性CEO通过提升公司风险承担进而影响公司战略变革;女性CEO对公司战略变革的影响只有在非国有企业中才显著;区分战略变革类型后发现女性CEO会同时促进公司战略变异和战略背离。研究结果表明性别角色理论更加适用于研究公司战略变革,同时也对女性CEO规避风险的刻板印象进行了挑战。Based on gender identity theory and gender role theory, this paper explores the relationship between female CEO and corporate strategic change by using the data of A-share listed companies in Shanghai and Shenzhen from 2003 to 2019. Results show that, female CEO can promote the strategic change of the company, and the power of the CEO and the proportion of female executives can affect the relationship between female CEO and the strategic change of the company. The greater the CEO’s power and the more female executives, the more likely they are to influence strategic change. It also found that female CEOs can promote corporate risk-taking and influence corporate strategic change. The impact of female CEOs on corporate strategic change is only significant in non-state-owned enterprises. After distinguishing the types of strategic changes, it is found that female CEOs can promote corporate strategic variation and strategic deviation at the same time. The findings suggest that gender role theory is more applicable to studying corporate strategic change, while challenging the risk-averse stereotype of female CEOs in practice.

关 键 词：女性CEO 战略变革 CEO权力 女性高管 风险承担 

分 类 号：F272.91[经济管理—企业管理] F272.35[经济管理—国民经济]