高管后代性别与民营企业资本配置效率

Gender of Executives’Descendant and the Allocation Efficiency of Capital in Non-State-Owned Enterprises

资本配置效率是民营企业转换增长动能、实现高质量可持续发展的关键因素,但是,在对其驱动机制的分析中高管后代性别的影响却并不清楚。本文研究发现:与没有女儿的高管相比,养育女儿的高管所在民营企业的资本配置效率更高;后代均为女性且女性后代在企业任职时,资本配置效率的“女儿效应”更强。机制分析发现,养女儿能够改善高管的工作态度,使其在决策风格上更为稳健,其所在企业更能够发挥女性高管在公司治理中的优势,从而提升民营企业的资本配置效率。本文发现亲子关系具有超出家庭范围的影响,为投资者从更广阔的视野理解民营企业的决策行为提供了新思路。

Efficiency in capital allocation is a key factor for non-state-owned enterprises(non-SOEs) to transform their growth momentum and achieve high-quality sustainable development. However, the impact of the gender of senior executives’ children in the analysis of its driving mechanism is unclear. This study finds that, compared with executives without daughters, the capital allocation efficiency of the non-SOEs where executives are raising daughters is higher. Further analysis shows that the "daughter effect" on capital allocation efficiency is more pronounced when all offspring are female and employed in the enterprise. Mechanism analysis indicates that raising a daughter can improve the work attitude and decision-making methods of senior executives, making them more robust in terms of decision-making style. This paper combines parenting experience with corporate financial behaviour, exploring the role of the gender of children in the efficiency of corporate capital allocation, and it notes that parent-child relationships have an impact beyond the family, providing an opportunity for investors to understand the decision-making behaviour of non-SOEs from a broader perspective.