女性董事长如何影响上市公司研发投入——企业生命周期视角

How Does the Female Chairman of the Board Affect the R&D Expenditures:the Perspective of the Corporate Life Cycle

以2007—2019年中国A股上市公司为样本,探讨女性董事长如何影响企业研发投入强度。结果表明,女性董事长对企业研发投入强度具有显著抑制效应,且这种抑制效应在成熟期表现最为显著,成长期次之,衰退期最弱。进一步研究发现,专利申请数和发明专利申请数均与女性董事长显著负相关,女性董事长的风险规避行为会遏制企业创新。结论进一步丰富了创新管理领域相关研究,同时具有一定实践启示。

This paper uses a sample consisting of listed firms from 2007 to 2019 to empirically test the impact of the female chairman of the board on the R&D expenditures.We find that the female chairman is negatively associated with the R&D expenditures.And the negative relationship is the most significant in the mature period,followed by the growth period and the weakest in the recession period.We also find that when the chairman of board was female,the number of patent applications decreased and the number of invention patent applications decreased.And the risk aversion behavior of the female chairman has restrained the innovation of the corporate.The conclusions of this study enrich the relevant research on innovation management,and also have some practical implications.