高管性别与财务决策——国外理论与实证述评

Executives' Gender Diversity and Financial Decisions——Literature Review of Foreign Theoretical and Empirical Study

财务决策是企业生存和发展的关键。然而,理论界关于财务决策的研究大多是基于理性人假说,而忽略了高管性别、性格以及教育背景等个人特质对于企业财务决策的影响。近年来,高管性别与财务决策的关系受到了国外学者的广泛关注,本文通过对国外有关高管性别与财务决策文章的梳理,总结了高管性别主要通过筹资决策、投资决策、股利分配等影响公司财务决策。基于国内现有文献对高管性别与财务决策关系研究较少的现状,本文有助于为学者在今后研究中国上市公司高管性别与公司财务决策关系提供理论依据和借鉴方法。

All along, financial decision-making is the key to enterprises＇ survival and development. However, most of the domestic researches on financial decision-making are based on traditional economic theory, ignoring the in/luenee of the personal characteristics of executives on corporate financial decision-making. The purpose of this paper is to summarize the research on the relationship between senior executives＇ gender and financial decision-making, and summarize how senior executives influence corporate financial decisions. This paper argues that the relationship between executive gender and financial decision can be reflected not only through financing, investment and dividend distribution, but also the quality of financial report and the corporate value can indirectly reflect the influence of senior management on financial decision. Therefore, this paper summarizes these five aspects, which not only help domestic scholars to start research on gender and financial decision-making, but also help to improve the quality of financial decision-making.