女性能顶半边天?——基于机构投资者持股的视角

Can Women Hold up Half the Sky?——From the Perspective of Institutional Investors' Shareholding

以1999—2014年沪深A股上市公司为样本,本文首次探究高管团队性别多元化对机构投资者持股决策的影响。研究结果表明,总体上,企业高管中女性的数量和比例越高,机构投资者的持股水平越高。进一步考察发现,这一效应主要来自市场化程度较高的地区以及企业面临金融危机期间。本文的研究有助于丰富高管性别差异以及机构投资者持股影响因素的文献,同时有助于理解不同性别高管在企业发展中的作用及其制度条件。

Using Chinese A-share listed enterprises from 1999 to 2014 as the sample,this paper empirically tests the relationship between executive team gender diversity and institutional ownership. The results show that in general the number and proportion of women in senior management have a positive impact on institutional ownership. It is further found that the positive relationship between female executives and institutional ownership is more pronounced in the provinces with the higher marketization degree and companies facing financial crises. The research of this paper will help to broaden the literature on the gender difference of executives and the influencing factors of institutional investors,and also help to understand the role of different gender executives in the development of enterprises and their institutional conditions.