董事会性别异质性对企业绩效的影响研究——基于沪深A股上市公司的经验数据

Empirical Study on the Relationship Between Board Gender Heterogeneity and Corporate Performance——Based on Shanghai-Shenzhen A-share listed companies

随着组织战略和公司治理的发展,董事会性别异质性作为董事会多样性的重要子集,女性在企业高级职位中的代表性成为重要的研究课题.本文以沪深A股上市公司数据,研究董事会中女性董事的比例及背景特征对企业绩效的影响.研究结果表明,女性董事比例与企业绩效呈显著正相关关系,女性董事受教育水平与企业绩效(以托宾Q值计算)呈显著正相关关系.女性独立董事比例与企业绩效呈显著负相关关系,没有发现女性董事的薪酬水平和兼职状况以及女性董事长对企业绩效的显著影响.本文的研究结论对于更好的研究董事会性别多样性,提升企业绩效提供一定的参考.

With the development of organizational strategy and corporate governance,the heterogeneity of the board directors has become an important subset of the board diversity.The representation of women in senior corporate positions has become an important value driver.Based on the data of A-share listed companies in Shanghai and Shenzhen,this paper studies the relationship between female directors and corporate performance.The results show that there is a significant positive correlation between the proportion of female directors and corporate performance,and there is a significant positive correlation between the education level of female directors and the corporate performance(Tobin's Q).There is a significant negative correlation between the proportion of female independent directors and the performance of enterprises.The remuneration level and part-time status of female directors are not found,and the influence of female chairman on corporate performance is not significant.