战略转型期高管性别多样性与公司绩效

本文以2012-2016年沪深A股上市公司为研究样本,探究高管团队性别多样性对公司绩效的影响。研究发现,女性高管比例与公司价值存在正相关关系,与财务绩效存在负相关关系;然而,高管性别多样性指标与公司价值存在负相关关系,与财务绩效存在正相关关系。企业生命周期可以负向调节高管性别多样性与公司绩效的关系,而战略变革正向调节高管性别多样性与企业价值之间的关系。这些说明高管团队中女性成员的参与在一定程度上有利于提升公司绩效,尤其是在企业发展初期,以及进行战略变革时,企业需要依据实际情况调整女性高管的数量,以产生更好的绩效。

This paper explores the relationship between top management group gender diversity and firm performance with the sample of A-share listed companies from 2012 to 2016.The results indicate that the proportion of female executives is positively correlated with corporate value and negatively related to financial performance.However,gender diversity index of senior executives is negatively correlated with corporate value and positively related to financial performance.Enterprise life cycle can negatively moderate the relationship between executive gender diversity and corporate performance,while strategic change positively moderates the relationship between executive gender diversity and corporate value.It shows that the participation of female members in the senior management team is beneficial to the improvement of the company's performance to a certain extent.Especially in the initial stage of enterprise development and when making strategic changes,enterprises need to adjust the number of female executives according to actual conditions to produce better performance.