玻璃天花板引发的企业之殇——基于A股上市独角兽企业及其对照企业的PSM研究

Adversity of corporate caused by the glass ceiling:A PSM research based on A-share listed unicorns and control enterprises

本文通过选取20年内A股上市的独角兽企业及相近对照企业为样本,从动态角度研究了女性高管的参与对企业内创业效率的影响,解释了现有理论冲突。本文得出的结论是在成长过程中能够打破玻璃天花板的女性高管往往更倾向于在团队中发声,并在决策中表现为具有较强的话语权,而这种具有较强话语权的女性成员对样本企业内创业具有非常积极正面的作用;而受到玻璃天花板效应限制的女性高管往往更倾向于选择沉默,这种表现为具有较弱话语权的女性高管给企业内创业带来的影响往往是消极的。

This article studies the influence of female executives’participation on Intrapreneurial efficiency from dynamic perspective,and explains the riddle of the existing theoretical conflicts.As the weightiness of Chinese female in the workplace continues to rise,an increasing number of people realize that the women’s position should not only be confined in family,but also in workplace.Many governments are working to eliminate gender discrimination in employment now,e.g.China Securities Regulatory Commission issued corporate governance guidelines for listed companies in 2018,the quidelines mentioned that the diversity in the membership of the corporate board is encouraged;the California government has approved a bill which require publicly traded companies to include women on their boards of directors.Besides these,in some European countries,including Norway and France,women are also required to join the board.Hitherto,many domestic and international researchers have discussed the relationship between gender diversity of top management team and corporate performance,but there is a conflict about the results.Some studies find that the female managers lead a positive effect,but some others find it has negative impact or has no distinct influence,and the theoretical basises used in these studies are also different.As China promotes enterprise innovation and entrepreneurship actively,the research on the relationship between TMT heterogeneity and enterprise innovation or entrepreneurship is increasing year by year,but there are still contradictions in the conclusion.In general,some studies suggest that female executives increase the heterogeneity of the TMT,and make the quality of enterprise decision-making rise to some extent.Thus the innovation efficiency of the enterprise is increased.But other studies suggest that a small number of female members have limited influence on corporate decision-making.Even as a result of factors such as intergroup bias,it has a negative impact on innovation and entrepreneurship.In view of the conflict of conclusions in the current studies,this study attempts to explain the relationship between gender diversing of top management team and corporcite performance from a dynamic point of view.First of all,the innovation and entrepreneurship of enterprises are dynamic,especially for the continuous entrepreneurial process of enterprises,namely the Intrapreneurship problem.In addition to financial indicators,the measurement of its advantages and disadvantages should also consider the time factor,namely the efficiency of the continuous entrepreneurial process.At present,domestic researches on the continuous entrepreneurial process of enterprises are mostly limited to the success or failure of their entrepreneurship,entrepreneurial mode selection and entrepreneurial behavior.Little discussion on the efficiency of their continuous entrepreneurial process,and most relevant entrepreneurial performance researches measure the innovation efficiency of enterprises in the early stage of entrepreneurship.The reason may be the lack of research variables that can effectively combine time and enterprise value.Therefore,this paper combines the current popular concept of Unicorns and defines a special sample to measure the efficiency of enterprises’continuous entrepreneurial process.Secondly,female executives’participation in enterprises also changes dynamically.Once this dynamic change is defined as promotion within the organization,this process will be significantly affected by the"glass ceiling"effect.Therefore,this paper intends to explore the impact of female executives’participation in the executive team and their dynamic promotion process on the efficiency of intrapreneurship of high-tech enterprises from two perspectives,and hopes to fill the research gap in this field and explains the current theoretical conflicts.The final conclusion is that the female executives who are able to crack the glass ceiling in their growing up tend to be more vocal in their teams and have a stronger power in decision-making.Those female members have a very positive effect on the start-up of high-tech enterprises.Incontrast the female executives who are restricted by the glass ceiling effect tend to be silent and the influence of female executives with a weaker voice on intrapreneurship is often negative.