女性董事与企业寻租——基于中国上市公司的证据

Female Directors and Rent-seeking of the Firms——Evidence from Chinese Listed Companies

现有文献主要探讨了外部制度环境对于企业寻租的影响,本文基于董事性别这一内部治理结构视角探讨女性董事是否会影响企业的寻租行为。使用2006—2016年中国A股上市公司数据研究发现,女性董事会显著降低企业寻租费用,并且女性董事占比越高,寻租费用下降越多。进一步研究发现,女性董事降低企业寻租费用的效应主要来自非独立董事;相比于国有企业,民营企业中女性董事降低企业寻租费用的作用更为明显;相比于政府干预较少的地区,政府干预严重地区的企业中女性董事降低企业寻租费用的作用更为明显。本文从公司内部治理结构的视角为减少企业寻租提供一个有效方式,同时也拓展女性公司治理的经济行为研究。

The existing literatures mainly discuss the impact of external institutional environment on firms’ rent-seeking.This paper discusses whether female directors influence the rent-seeking behavior of corporates' from the perspective of the gender of directors.Using the 2006-2016 Chinese A-share listed company data,it is found that female directors significantly reduced corporate rent-seeking fees,and the higher the proportion of female directors,the more rent-seeking fees decrease.Further research shows that the effect of female board members in reducing rent-seeking expenses of enterprises mainly comes from non-independent directors;compared with state-owned enterprises,the role of female directors in private enterprises in reducing rent-seeking expenses is more obvious.In regions with less government intervention,the role of female directors in reducing corporate rent-seeking costs is even more significant.This paper provides an effective way to reduce rent-seeking from the perspective of internal corporate governance structure,and also enriches the research on women's economic effects.