女性高管、过度投资与企业价值——来自中国资本市场的经验证据

Female Managers,Over-Investment and Corporate Value——Evidence from Chinese Capital Market

女性高管普遍存在于上市公司中，本文以2007-2011年沪深交易所上市的公司为样本，实证研究了女性高管对上市公司过度投资和企业价值的影响，研究结果表明，女性高管显著地抑制了上市公司的过度投资行为，在控制了内生性后，女性高管比例与企业价值显著负相关。进一步研究发现，过度投资行为显著降低了上市公司的企业价值。本文的研究拓展了女性高管在公司决策中的经济后果研究，对提高管理者的异质性提供了经验证据的支持。

Women managers generally exists in the listed companies, using a sample of Chinese listed firms , this paper empirically tests the relations between women managers, over-investment and corporate value, the results show that women managers significantly decrease the probability of over-investment of the listed companies, after controlling the endogeneity problem, there is a significantly negative relation between female managers ratio and the corporate value . This paper also discovers that over-investment behavior significantly decreases corporate val- ue. Above results are robust for a battery of sensitivity tests. These findings implies that we should respect and take the advantage of female managers and also pay attention to the influence of female managers characteristics on finan- cial decisions, rather than simply increase the proportion of female managers, or representative of executives. These old Chinese sayings like XIAN QI LIANG MU and NV ZI WU CAI BIAN SHI DE reflect the narrow tra- ditional value of Chinese women for thousands of years, that means Women should assume more family responsibili- ties, rather than take more social responsibility and economic responsibility. However, the economic reforming and o- pening up in the past 30 years has changed the traditional views towards women, during the business world,women have begun to gradually own the rights such as suggestion, voting right and even decision-making power （Firth, 2007 ）, and what they achieved is not inferior to the male＇s in business. Zhu et al. （2012） show that the proportion of female directors in the Chinese listed companies has been rising from 9.99% in 2004 to 11% in 2009 ,and ac- cording to Hong Kong＇s south China morning post reported on March 8,2013 ,the percentage of Chinese women bus- iness executives ranked first in the world , Women began to have more opportunities to participate in the company＇s decision-making and become an important force. In comparison with male managers, female managers more cautious and conservative （ Zuckerman, 1994 ） and excessively supervisory（ Almazan ＆ Suarez,2003 ）. Female managers exhibit intrinsic characteristics which are dif- ferent from male managers＇ particularly in the financial area. These intrinsic characteristics may have important in- fluence on investment decisions which affect corporate value. On the one hand, many literatures suggests that corpo- rate investment efficiency influences the corporate value, on the other hand, female managers have become a com- mon phenomenon in the listed company, whether female managers can influence the corporate investment decision and then influence the corporate value？ existing literatures did not give a good answer on this question ,this paper try to do the job based the listed company. The discussion and analysis of this problem will help us further under- stand the economic consequences and expand the research on female managers. The contributions of this paper are as follows ： （ 1 ） According to the existing literatures on the over-investment research, managers are often assumed homogeneously, these literatures are less concerned with gender as a manager heterogeneity which may impact the over-investment. This paper provides incremental evidence. （2）To my knowl- edge, the existing literatures on the study of female managers and corporate value are not considering the influence of over-investment, this paper fills the gap and provides incremental empirical evidence for combined relation be- tween female managers, over-investment and corporate value based Chinese background using annual data of listed company. （3） Existing literature on female managers, tend to be limited to female directors, Jia ＆ Zhang（2011）ar- gue that the board of directors and the supervisory board are unique two-tier board structure of Chinese listed finns, so, this paper not only research the influence of female executives but also the influence of all top managers to en- rich the literature on female managers.