女性董事改善了企业会计稳健性吗?——基于中国民营上市公司的经验证据

Do Female Directors Improve Accounting Conservatism?——Evidence from Chinese Private Listed Firms

以2004—2011年中国民营上市公司为研究样本,运用Basu模型结合民营上市公司董事会环境和女性特征,实证检验了女性董事对会计稳健性的影响。研究结果表明,董事会是否存在女性、董事会中女性的数量和比例都对会计稳健性有着显著的影响。其中,董事会存在女性董事降低了低竞争行业企业和低债务监督企业的会计稳健性,但女性董事的数量和比例的增加却提高了高竞争行业企业的会计稳健性。研究结论对深入理解会计稳健性以及加强中国民营上市公司治理结构具有一定的指导意义。

Based on the data of private listed firms in the years of 2004-2011, through using Basu model, considering the environment of the board of directors and female directors＇ eharaeteristicsin private listed firms, this paper empirically examines the influence of female directors on accounting conservatism. The results show that, the existence of female directors, the number and proportion of female directorshave signit^cant influence on accounting conservatism. The results also indicate that the exist- ence of female directors reduces accounting conservatism in low competition and low debt supervision enterprises, yet the number and proportion of female directors increase the accounting conservatism in high competition enterprises. The conclusion is mean- ingful to better understand accounting conservatism and to further strengthen the corporate governance structure of private listed firms.