管理评论

›› 2016, Vol. 28 ›› Issue (7): 165-178.

• 组织行为与人力资源管理 • 上一篇    下一篇

女性董事、过度投资与绩效波动——基于谨慎性视角的研究

孙亮1, 周琳2   

  1. 1. 中山大学国际金融学院, 广州 510275;
    2. 东莞市太粮米业有限公司, 东莞 523632
  • 收稿日期:2014-06-06 出版日期:2016-07-28 发布日期:2016-09-01
  • 作者简介:孙亮,中山大学国际金融学院讲师,博士;周琳,东莞市太粮米业有限公司财务总监,硕士。引言
  • 基金资助:

    教育部人文社会科学研究青年项目（13YJC790124）；国家自然科学基金青年项目（71302104；71402193）。

Female Directors, Overinvestment and Variability of Corporate Performance: From the Perspective of Prudency

Sun Liang1, Zhou Lin2   

  1. 1. International School of Finance & Business, Sun Yat-sen University, Guangzhou 510275;
    2. Dongguan Tailiang Rice Co., LTD, Dongguan 523632
  • Received:2014-06-06 Online:2016-07-28 Published:2016-09-01

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摘要：

随着经济发展和女性地位的提高，女性董事在我国公司中普遍存在，其谨慎性特征对公司财务行为的影响成为一个亟待探讨的话题。本文以女性董事的谨慎性为视角，验证了女性董事对公司过度投资和业绩波动的治理作用。本文发现：（1）女性董事能够显著降低公司过度投资的概率；（2）女性董事对投资活动的抑制作用仅体现在过度投资的公司中；（3）通过抑制过度投资降低公司的风险偏好，女性董事能够显著减少公司业绩的波动性；（4）女性董事谨慎性发挥作用的途径主要是事前预期情绪所引致的风险感知能力，而非事后对风险更严重的厌恶程度；（5）进一步的研究还发现，女性独立董事和女性董事长更擅长于事后监督，而女性执行董事的监督优势则体现在事前监督上。本文的政策涵义是，在日常经营中引入女性董事及提高其在董事会中的比例，对于提高我国上市公司的投资效率进而保护中小投资者的利益而言，是一种行之有效的治理方式。

关键词: 女性董事, 谨慎性, 过度投资, 绩效波动

Abstract:

With the economic development and the improvement of women's status, Female directors become prevalent in Chinese listed companies, and if and how their characteristics of prudence affect the company's financial behaviors also becomes an important issue. From the perspective of prudency, we examine the female directors' governance role of overinvestment and variability of corporate performance. we find that, (1) Female directors can significantly reduce the probability of overinvestment; (2) Such governance role only exists in the overinvesting companies; (3) Female directors can also significantly decrease the variability of corporate performance; (4) The governance role of female directors is arising from the pre-risk perception rather than the degree of post-risk aversion attitude. Our research indicates that, introducing and improving the proportion of women directors in the board during ordinary business may be an effective way to improve China's corporate governance, so as to protect the interest of small investors.

Key words: female directors, prudency, overinvestment, variability of corporate performance