女性董事对城市商业银行绿色贷款的影响

The Impact of Female Directors on Green Loans in City Commercial Banks

随着经济社会不断发展,女性角色在资本市场中的作用日益突出。同时,面对中国持续优化的绿色金融环境,女性将如何影响金融行业企业的绿色行为值得进一步探讨。以中国城市商业银行为样本,基于女性关怀伦理理论,分析女性董事对城市商业银行绿色贷款的影响,并进一步从制度逻辑的视角讨论地方政府与机构投资者对上述关系的调节作用。研究结果表明:女性董事能够显著提升城市商业银行绿色贷款规模。同时,受银行制度环境的影响,地方政府控股和机构投资者参与均会强化女性董事与绿色贷款之间的正相关关系。本文丰富了对女性董事在城市商业银行发展中作用的理解,并对企业通过丰富董事多元化创造良好绿色金融环境具有重要的实践意义。

The female is playing an increasingly prominent role in capital market as the economy and society develop both quantitatively and qualitatively.At the same time,gender diversity within organizations often helps to reduce the cognitive bias in decision-making of a single-gender group,which brings profound influence to the organizations.Therefore,in the face of the continuous improvement of China s green financial environment as well as the widespread concern of the international community to corporate social responsibility,how the female influence the green behavior of enterprises in the financial sector deserves further discussion.This paper focuses on the green finance of Chinese financial institutions.Based on the care ethics theory,it discusses the influence of gender diversity,typically the existence of female directors,on green credit-related businesses in China s city commercial banks.Furthermore,from the perspective of institutional logic,the functional orientation of female directors in enterprises largely depends on whether there is an institutional environment conducive to the gender diversity of the board.Therefore,this paper discusses the moderate effects of local government ownership and institutional investors on female directors green credit decisions.Taking 87 city commercial banks in China from 2008 to 2018 as the research sample,this paper builds an empirical model to analyze the impact of female directors on green loans of city commercial banks.The results show that female directors can significantly improve the green loans of city commercial banks,which is closely related to the caring and emotional characteristics of females.And to a certain extent,it is affected by the institutional environment.Both the participation of local government and institutional investors strengthens the positive correlation between female directors and green loans.Specifically,in city commercial banks controlled by local governments,the promoting role of female directors in green loan business has been strengthened.It is because the institutional logic led by local governments provides a good environment for female directors to be a key factor in strategic decision-making.Similarly,in city commercial banks with institutional investors,female directors have a greater impact on their green loans,because the participation of institutional investors improves the governance mechanism of the bank s board system and is conducive to female members playing an active role in the board.The contributions of this paper are mainly reflected in the following aspects:Firstly,this paper expands the research scope of the impact of female directors on enterprise green behavior.Focusing on the green financial market,it can enrich the understanding of the functions of female directors in the development of city commercial banks,and has important practical significance for financial enterprises to create a good social environment by increasing the gender diversity of board.Secondly,this paper highlights the important role of institutional environment in banks making environmental protection decisions.Not only does it extend the application field of institutional logic,but also has practical significance for city commercial banks to strengthen the overall planning among different environmental mechanisms.Thirdly,this paper enriches the research on the factors that influence banks green behavior.The discussion of the female directors will help the banks to further optimize the organizational structure and contribute to the development of green finance in our country.Meanwhile,it also provides new reference factors for stakeholders to make investment decisions wisely.