女性董事对上市公司投资效率的影响研究

发布时间：2018-01-05 23:04

本文关键词：女性董事对上市公司投资效率的影响研究　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：投资是创造和提升企业价值的必要手段,是企业发展的起点。在实践中,因信息不对称或代理成本等原因,公司存在非效率投资问题,具体表现为投资过度和投资不足。目前,我国处在经济转型期,要求公司进行资产结构调整,并逐步放宽投资渠道,因此对投资效率影响因素进行研究进而有针对性地制定有助于提高投资效率的策略尤为重要。已有成果证实了股权集中度、自由现金流、股利分配政策和金融发展水平对投资效率存在一定影响,但董事会结构尤其是性别结构是否会对投资效率产生影响,尚需实证检验。近年来,随着女性参与董事会程度增强,女性董事在公司治理中的角色和作用问题日益引起各方关注,北欧、西欧等一些国家甚至出台了关于女性董事在董事会中任职比例的法定要求。那么,董事会女性任职是否以及在多大程度上对企业投资效率产生影响,地理文化背景是否对这一作用有影响,亟需做出回答。基于上述思考,本文应用资源依赖理论、委托代理理论、利益相关者理论、多元化理论和人力资本理论,理论推演女性董事对上市公司投资效率的影响。同时,本文以我国2011~2015年A股主板上市公司为样本,采用多元线性回归分析方法,从董事长性别、女性董事比例以及地理文化背景等几个方面,实证检验女性董事对上市公司投资效率的影响。研究发现:(1)女性担任董事长能够降低公司的非效率投资,即提高投资效率,并且股权集中能够强化上述作用。但是,扩大董事会规模会弱化女性董事长降低公司非效率投资的作用。这表明,提高女性董事的话语权,在一定程度上能够提高公司的投资效率。(2)女性董事比例过高,会导致企业非效率投资增加,降低公司价值。这表明,单纯提高董事会女性比例而不给予其一定实权,其规避风险和严苛保守等性格特征在一定程度上会对公司投资效率带来负面影响。(3)女性董事比例提高和引入女性董事长都能够通过降低企业投资水平来减小企业过度投资问题。而当企业本身投资不足时,女性董事长和女性董事比例增加将使得公司投资不足现象更为严重。(4)引入地理文化背景因素后,经济发达、市场化程度高的南方传统文化,可以起到减弱女性董事长对企业投资水平的抑制作用,避免出现企业投资不足;政治中心的北方传统文化,可以强化女性董事长对企业过度投资的抑制作用,避免出现企业投资过度。基于上述结论,本文建议:(1)我国尚无必要制定类似瑞典和挪威等国规定女性董事比例的法定条款;(2)拥有女性董事的上市公司应该赋予女性董事更多话语权,委任女性董事担任执行董事等重要职务;(3)公司在选任女性董事时,应该考虑公司所处地理文化背景因素的影响;(4)我国应该完善男女平等的法规,在保护女性权益的同时,也使得女性董事能够发挥其在公司治理中的作用。
[Abstract]:Investment is a necessary means to create and enhance the value of the enterprise, is the starting point for the development of enterprises. In practice, because of information asymmetry and agency costs and other reasons, the company exists the problem of inefficient investment, the specific performance of excessive investment and insufficient investment. At present, our country is in the period of economic transformation, require the company to restructure assets, and gradually the relaxation of investment channels, so the research on the factors influencing the efficiency of investment and to develop targeted help to improve the efficiency of investment strategy is particularly important. The results confirm the ownership concentration, free cash flow, the dividend distribution policy and the level of financial development has certain effects on the efficiency of investment, but the structure of the board of directors especially gender structure whether it will affect the efficiency of investment, still need empirical testing. In recent years, with the participation of women in the board of directors of the degree of enhancement, the role of female directors in corporate governance and With the problems caused by the parties concerned, northern Europe, Western Europe and other countries and even the introduction of the legal requirements of the proportion of serving on the board of directors women. So, female board office whether and to what extent impact on investment efficiency, geographical and cultural background have influence on this effect, need to answer. Based on the above thinking, the application of resource dependence theory, principal-agent theory, stakeholder theory, diversification theory and human capital theory, theory deduction of female directors on investment efficiency of listed companies. At the same time, based on our 2011~2015 A A-share listed companies as a sample, using multiple linear regression analysis method, from the chairman the proportion of female gender, several directors as well as geographical and cultural background, and test the influence of female directors on investment efficiency of listed companies. The research found that: (1) female Of served as chairman of the board can reduce the non efficiency investment company, which improves the efficiency of investment, and to strengthen the role of ownership concentration. However, expand the size of the board of directors will reduce the company's chairman, weakening the role of female non efficiency investment. This shows that improving female directors, can improve the efficiency of the company's investment in a certain extent. (2) the proportion of female directors is too high, will lead to inefficient investment increase, reduce the value of the company. This shows that only improve the board of directors the proportion of women without giving the power, the risk aversion and strict conservative character to a certain extent, will have a negative impact on the efficiency of investment. (3) the proportion of female directors to improve and the introduction of female chairman can reduce the level of business investment to reduce the overinvestment problem. When the enterprise itself inadequate investment, female and female deputy chairman It will enable the company to increase the proportion of investment shortage phenomenon is more serious. (4) the introduction of geographical and cultural background factors, economic development, traditional southern culture high degree of marketization, can inhibit the female weakened the level of investment, avoid enterprise investment is insufficient; the traditional northern cultural and political center, inhibition the role of women can strengthen the chairman on the company's over investment, avoid excessive investment in enterprises. Based on the above conclusions, this paper suggests: (1) the statutory provisions of our country there is no need to develop similar provisions such as Sweden and Norway in the proportion of women directors; (2) have female directors of listed companies should be given more female directors the right to speak, the appointment of female directors served as executive director of the important duties of the company; (3) in the selection of female directors, should consider the influence of company geographical cultural background; (4) China should improve The law of equality between men and women, while protecting women's rights and interests, also makes it possible for female directors to play their role in corporate governance.

【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51

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