女性高管与负债融资及企业价值的相关性——基于高层梯队理论的实证研究

Correlation Between Female Executives,Debt Financing and Corporate Value:An Empirical Study Based on the Upper Echelons Theory

为了研究女性高管对公司治理的影响,基于高层梯队理论,利用我国A股制造业上市公司2009—2017年的数据,实证检验了女性高管在负债融资与企业价值关系中的调节作用.研究表明,负债融资与企业价值存在倒U型关系;女性高管比例的提升对企业价值产生正向影响,弱化了负债融资与企业价值的关系,在样本企业中表现为减少了负债融资的负面作用;当比例达到30%左右时,女性高管会对企业价值起实质性的促进作用.

Using the data of China's A-share manufacturing listed companies from 2009 to 2017,based on the upper echelons theory,the paper empirically tests the role of female executives in regulating the relationship between debt financing and corporate value.The research shows that there is an inverted U-shaped relationship between debt financing and corporate value;the proportion of female executives has a positive impact on corporate value and weakens the relationship between debt financing and corporate value.In the sample enterprises,the negative effect of debt financing is reduced.When the proportion reaches about 30%,female executives will play a substantial role in promoting corporate value.