女性董事对大股东掏空影响研究

Research on the Influence of Female Directors on Tunneling of Major Shareholders

选取2012~2020年中国A股上市公司的数据,基于女性董事人数在董事会总人数中的占比,考察女性董事和上市公司大股东掏空的关系。研究发现,女性董事可以抑制大股东的掏空行为,即女性董事占比越高,大股东掏空行为越不严重;进一步,以产权性质和高管薪酬进行分组回归,回归的结果表明企业的国企性质或高薪酬的特点可以强化这种影响,而非国有性质或低薪酬的特点削弱了这种作用。

Based on the data of China A-share listed companies from 2012 to 2020 and the proportion of the number of female directors in the total number of directors, the relationship between female di-rectors and the tunneling of major shareholders of listed companies is investigated. The results show that female directors can restrain the tunneling behavior of major shareholders, that is, the higher the proportion of female directors is, the less serious the tunneling behavior of major share-holders is. Furthermore, the regression results show that the nature of state-owned enterprises or the characteristics of high compensation can strengthen the effect, while the nature of non-state-owned enterprises or the characteristics of low compensation can weaken the effect.