女性高管是否抑制了政治关联企业的过度投资?——来自中国上市家族企业的实证分析

Whether Female Executives Inhibit the Overinvestment of PoliticalConnected Enterprises? —— Evidence from Chinese Listed Family Firms

政治关联和女性高管是民营企业研究中广泛讨论的经济现象。关于两者对民营企业过度投资的影响,已有研究过多关注了政治关联的作用,忽视了女性高管因素的影响。文章首次将两种典型现象相联系,探究了女性高管是否会抑制政治关联企业的过度投资这一问题。选取上市家族企业作为民营企业代表性样本,基于国泰安（CSMAR）数据库2003~2013年沪深A股上市家族企业数据,研究发现：（1）政治关联强度提升会增强上市家族企业过度投资;（2）女性高管比重提高会降低上市家族企业过度投资;（3）综合考虑两者的共同影响,女性高管可以缓解政治关联导致的上市家族企业过度投资。研究结论拓展了对家族企业中同时存在政治关联和女性高管双因素共同影响下经济后果的理论认识,并为家族企业寻求政治关联和平衡高管性别构成提供有益启示。

Political connections and female executives are two pervasive phenomena that exist in the private enterprises. About their impacts on the overinvestment of the private enterprises, most of previous researches only consider their impacts distinctively. For the first time, this paper links the two typical phenomena conjunctly, selects listed family firms as the representative samples to the private enterprise, based on the data of family firms in Shanghai and Shenzhen A shares private listed companies in the CSMAR database from 2003 to 2013,and tests whether female executives inhibit the overinvestment of political-connected enterprises. It reaches the conclusions as follows： firstly, political connections will have a positive impact on the overinvestment of the listed family firms; secondly, female executives will have a negative impact; thirdly, if we consider the two phenomena together, we will find that female executives will inhibit the overinvestment of political-connected enterprises. Those findings not only enriched the theoretical knowledge about the two phenomena, but also provide instructive revelation about seeking political relevance and balancing the executive ratio for family firms.