“她力量”崛起:女性高管参与对企业创新战略的影响

THE RISE OF “FEMALE STRENGTH”: THE IMPACT OF FEMALE EXECUTIVE PARTICIPATION ON CORPORATE INNOVATION STRATEGY

如今,越来越多的女性参与到高管团队中,她们逐渐成为推动企业创新的重要力量。本文采用混合最小二乘方法,探讨企业中女性高管参与对企业创新战略的影响及两者之间关系的调节机制,并利用工具变量处理了可能存在的内生性问题。结果显示:第一,女性高管参与比例提升,有助于企业提出创新战略,即能提高企业创新投入;第二,女性高管拥有的权力对两者之间关系起到正向调节作用;第三,相比国有企业,非国有企业中女性高管比例的增加更有利于企业创新,但是这种调节效应在高科技行业和非高科技行业中未能得到体现;第四,机制分析发现,女性高管参与程度对企业创新的积极影响,部分是通过企业信息披露质量实现的。研究结论充分说明女性高管的选聘和培育是企业不容忽视的一环,突破当下女性就业中存在“性别壁垒”和职业发展中遭遇“玻璃天花板”的现状,有赖于政府、企业和女性自身的共同努力。

Nowadays, more and more women are participating in the executive team, and they are becoming an important force to promote enterprise innovation. Using pooled OLS method of controlling area, industry and year, this paper explores the impact of female executives’ participation on enterprise innovation strategy and the moderating mechanism of the relationship between them, and then uses instrumental variables to deal with the possible endogenous problem. The results show as follows: Firstly, the proportion of female executives helps enterprises to put forward innovative strategies. Secondly, the power of female executives plays a positive moderating role in the relationship between them. Thirdly, compared with state-owned enterprises, the increase of the proportion of female executives in non-state-owned enterprises is more conducive to enterprise innovation, but the effect has not been reflected in high-tech and non-high-tech industries. Fourth, further mechanism testing found that the positive impact of female executives’ participation on corporate innovation is partly achieved through the quality of corporate information disclosure. The conclusion fully shows that the female executives can give full play to their own gender advantages, and "female strength" will have a positive effect. The research conclusions have a certain inspiration for the configuration and construction of the enterprise management team, and provide reference for the government to formulate women’s development policy. We hope to break the "glass ceiling" and provide help for the development of women.