女性董事、债务融资与非效率投资——基于风险规避的视角

Female Director,Debt Finance and Inefficient Investment:From the Perspective of Risk Aversion

性别多元化是董事会多元化的一种重要表现形式,近年来备受关注。以女性董事的风险规避倾向为研究视角,选取中国装备制造业2006—2015年的面板数据为样本,运用多元回归模型实证研究女性董事对企业投融资效果的影响。结果表明:女性董事具有风险规避的性格特征,倾向于降低企业总体债务融资水平,减少长期借款,控制企业经营风险;企业长期债务的增加会影响投资决策的合理性,加剧企业的非效率投资。进一步检验发现,女性董事职位权力大小影响女性董事的话语权,处于关键职位的女性董事能更好地发挥其决策监督作用,有效提高董事会决议的合理性,减少企业的非效率投资。基于以上结论,提出了一些相关的政策建议。

Gender diversity is an important form of board diversity,which has attracted much attention in recent years. From the perspective of risk aversion,this study has made an empirical analysis on the influence of female directors on firm's financing and investing behavior with multiple regression model based on the panel data of China's equipment manufacturing listed companies from 2006-2015. Results show that: with the personality characteristics of risk aversion,female directors prefer to lower the debt financing level and reduce long-term debt to control the operating risk. Increasing long-term debt will affect the rationality of investment decisions and aggravate the inefficient investment of enterprises. The power of female director's position has an impact on female director's discourse right. And female directors in key positions can better play the role of supervision on decision-making,which will effectively improve the rationality of board resolution and reduce the inefficient investment in equipment manufacturing listed companies. Based on the above conclusions,this paper puts forward the corresponding policy recommendations.