基于企业生命周期理论的女性董事与公司绩效关系研究

An Empirical Study on the Correlation between the Female Directors and Corporate Performance based on the Enterprise Life Cycle Theory

以2013年我国沪深两市制造业上市公司为样本,研究了处于不同企业生命周期阶段的女性董事对公司绩效的影响。研究表明:女性董事对公司绩效的影响随企业生命周期阶段的变化而不同。处于初创期、衰退期和淘汰期的公司,其女性董事对公司绩效没有显著影响;处于成长期和成熟期的公司,其女性董事对公司绩效有显著提升作用。这说明在适当的阶段引入女性董事参与公司治理将有利于公司发展。

Based on the data of 2013 A-share manufacturing listed companies in Shanghai and Shenzhen,we studied the impact of female directors on corporate performance at the different enterprise life cycle stages. The conclusion shows that the female directors impact the corporate performance along with the change of enterprise life cycle phases. At the initial,recession and elimination stages of company,its female directors do not significantly affect corporate performance; in the growth and maturation of the company,the female directors have a significant boost. It shows that it will be beneficial to the development of companies to introduce female directors to participate in corporate governance at the appropriate stage.