女性高管与企业劳资财务分配

Female Executives and Labor-Capital Financial Distribution

本文基于高阶梯队理论和烙印理论,以2011—2020年中国A股上市公司数据为样本,探讨女性高管对劳资财务分配合理性的影响。研究发现,女性高管有助于改善企业劳资财务分配的合理性,且女性高管的海外背景对两者关系具有负向调节作用。异质性分析结果显示,在国有产权、高市场化程度和高科技企业内,女性高管对劳资财务分配合理性的促进作用更显著。经进一步分析发现,合理的劳资财务分配能够提升企业市场价值。本文丰富并拓展了女性高管在公司治理中的作用方面的文献,对于提高劳资财务分配的公平性具有重要启示意义。

Based on upper echelon theory and imprinting theory,this study takes the data of Chinese A-share listed companies from 2011 to 2020 as samples to explore the impact of female executives on the rationality of labor-capital financial distribution.It is found that female executives can improve the rationality of labor-capital financial distribution,and the overseas background of female executives has a negative moderating effect on the relationship between them.The results of heterogeneity analysis show that in state-owned,high-market and high-tech companies,female executives have a more significant role in promoting the rationality of labor-capital financial distribution.Further analysis shows that the rationality of labor-capital financial distribution can promote the market value of enterprises.This study enriches and expands the literature of female executives in corporate governance,and provides important implications for promoting the equity of labor-capital financial distribution.