女性董事、债务融资与非效率投资——基于风险规避的视角

发布时间：2018-04-01 03:19

  本文选题：装备制造业　切入点：女性董事　出处：《湘潭大学学报(哲学社会科学版)》2017年05期

【摘要】：性别多元化是董事会多元化的一种重要表现形式,近年来备受关注。以女性董事的风险规避倾向为研究视角,选取中国装备制造业2006—2015年的面板数据为样本,运用多元回归模型实证研究女性董事对企业投融资效果的影响。结果表明:女性董事具有风险规避的性格特征,倾向于降低企业总体债务融资水平,减少长期借款,控制企业经营风险;企业长期债务的增加会影响投资决策的合理性,加剧企业的非效率投资。进一步检验发现,女性董事职位权力大小影响女性董事的话语权,处于关键职位的女性董事能更好地发挥其决策监督作用,有效提高董事会决议的合理性,减少企业的非效率投资。基于以上结论,提出了一些相关的政策建议。
[Abstract]:Gender diversity is an important manifestation of board diversity, which has attracted much attention in recent years.From the perspective of the risk aversion of female directors, the panel data of China's equipment manufacturing industry from 2006 to 2015 are selected as samples, and the effects of female directors on corporate investment and financing are empirically studied by using multiple regression models.The results show that: female directors have the character of risk aversion, tend to reduce the overall debt financing level, reduce long-term borrowing, control business risks, and the increase of long-term debt will affect the rationality of investment decisions.Increase the inefficient investment of enterprises.Further tests show that the power of female directors affects the voice of women directors, and that women directors in key positions can play a better role in monitoring decision-making, and effectively improve the rationality of board decisions.Reduce the inefficient investment of enterprises.Based on the above conclusions, some relevant policy recommendations are put forward.
【作者单位】： 湘潭大学商学院;
【基金】：国家社会科学基金项目“我国军民融合驱动新兴产业发展的长效机制与政策体系研究”(项目编号:17BJY083)
【分类号】：C913.68;F271;F275
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本文编号：1693733