我国上市公司女性高管对股价信息含量的影响研究

Research on the Impact of Female Executives in China Listed Companies on the Stock Price Informativeness

本文以2003~2016年A股上市公司为样本,从性别特征的视角对女性高管比例与股价信息含量的关系进行了实证检验,同时考察了上市公司所处地区的制度环境对上述关系的调节作用。结果发现:女性高管能提高股价信息含量,且在法律保护水平较低、政府干预程度较高及市场化程度较低的地区,女性高管对股价信息含量的正面影响作用更显著。在进行内生性检验和一系列稳健性检验后,以上结论依然成立。本文的研究结论有助于深入理解女性高管行为特征,正确认识女性高管在提升资本市场信息效率等方面的作用。

Using the sample of listed firms in Chinese A-share market from 2003 to 2016,this paper em pirically tests the relationship between female executives and the stock price informativeness and the influence of institutional environment on the above relationship.The results show that female executives can significantly improve the stock price informativeness,and this effect is more pronounced in areas with low level of legal protection,high degree of government intervention and low degree of marketization.After the endogenous test and a series of robustness tests,the above conclusion still holds.This paper are helpful to deeply understand the behavior characteristics of female executives and correctly understand the role of female executives in improving the information efficiency of the capital markets.