女性董事对企业绩效影响的实证研究——基于股权性质划分的中国上市公司经验数据

Effects of Female Board Members on Firm Performance

本文以2008-2013年中国沪深两市A股上市公司为研究样本,实证检验了国企和非国企中女性董事对企业绩效的影响。经验证据显示:国企中,女性董事的参与显著提升了企业绩效,且对绩效的提升随女性董事受教育水平的提高而增强;而非国企中,女性董事参与和企业绩效无显著相关关系。无论在国企还是非国企中,女性董事长对企业绩效均没有显著影响。国企中女性独立董事促进了企业绩效的提升,女性非独立董事对企业绩效没有显著作用;而在非国企中二者对企业绩效均没有显著性影响。

Based on the data of a- share listed companies in Shanghai and Shenzhen during 2008 -2013, we examined the effect of female directors on firm performance in state - owned enterprises and non - state - owned enterprises. The empirical evidence shows that： In the state -owned enterprises, the female directors significantly increased firm performance, and the higher the improvement of education level enhancement is, the higher the firm performance is ; In the non - state - owned enterprises, women director has no significant effect on corporate performance. In the two types of the enterprises, Female chairman are of no effect. Female independent directors in the state - owned enterprises promote the firm performance, the effect of Female Non - independent directors on corporate performance is not significant; And both kinds of female directors have no obvious effect on corporate performance in the non- state- owned enterprises.