公司内部治理环境与女性董事绩效作用研究

Research on Corporate Governance Environment and Female Directors Performance

基于董事资源组合的视角,本文分析女性董事的增加与公司绩效之间的关系:女性董事的绩效作用取决于公司董事会的人员构成、董事资源作用的激发,而这两方面受到董事团队资源组合的目标导向、董事会团队权力的结构和董事资源组合的选择倾向等制约;就整体而言,我国上市公司女性董事比例的增加与公司绩效呈正相关,但该结果并不十分稳健;非国有企业、董事会集权企业和男性担任董事长的企业,女性董事比例的增加与公司绩效的正相关性才显著,而这种情形在国有企业、董事会权力分散的企业和女性担任董事长的企业中并不显著。因此,公司内部治理环境是女性董事发挥绩效作用的关键。

Drawing on the perspective of the directorate＇s resource combination, this research illustrates the relation be- tween the growing number of female directors and corporate performance ： the performance of female directors depends on the composition of the company＇s board of directors, and the role of director＇s resources, but these two aspects are sub- ject to the target orientation of team resources, the structure of the board of directors and the choice tendency of directors＇ resource portfolio; on the whole, there exists a positive correlation between the growing number of female directors and corporate performance, however, the results are not quite robust; the positive correlation between the growing number of female directors and corporate performance is significant only in the non-state enterprises, directorate-centralized enter- prises and enterprises that male serves as the chairman of the board, however, the positive correlation isn＇t significant in the state-owned enterprises, directorate-decentralized enterprises and enterprises that female serves as the chairman of the board. Therefore, internal corporate governance environment is the key to the female directors functioning in corporate performance.