女性高管對中國大陸上市公司績效的影響

The Impact of Female Executives on Firm Performance in Chinese Listed Companies

尹雨佳(Yu-Jia Yin)

指導教授 ： 何耕宇

國立臺灣大學/管理學院/財務金融學研究所/碩士(2021年)

https://doi.org/10.6342/NTU202101089

摘要

隨著女性在企業經營中發揮著越來越重要的作用，女性高管的相關探討逐漸成為公司金融領域的研究熱點。本文主要研究女性高管對公司績效的影響，在對國內外相關文獻及理論進行梳理的基礎上，以2014年至2018年中國大陸A股主板市場的上市公司作為研究對象，通過多元回歸模型，分析女性高管與上市公司績效之間的相關性。之後利用傾向分數配對（PSM）方法查證干擾變數是否給回歸結果造成偏差，另外通過構造交乘項，驗證女性高管的教育背景、海外背景和學術背景三個變數對相關關係的調節作用。
實證結果表明，女性高管比例與ROA顯著正相關。女性參與高管團隊能夠促進公司績效的提高，女性高管在高管團隊中所佔比重越大，公司績效越好。同時，女性高管的教育背景和學術背景具有正向調節效應，能夠加強女性高管與公司績效的正相關關係。為了確保實證結果的穩健性，本文將被解釋變數ROA 替換為EPS和Tobin’s Q，並再次對各變數進行回歸，輸出結果與前文基本一致，說明實證結果具有可靠性。

關鍵字

女性高管 ； 公司績效 ； 固定效應回歸 ； 調節效應 ； 傾向分數配對

並列摘要

As women play an increasingly important role in business management, the discussion of female executives has gradually become a research hotspot in corporate finance. This paper studies the impact of female executives on firm performance. On the basis of reviewing the domestic and foreign literature, this paper takes the listed companies of Chinese A-share main board stock markets from 2014 to 2018 as sample data, and analyzes the correlation between female executives and firm performance through multiple regression analysis. Then, this paper adopts the Propensity Score Matching (PSM) method to check whether other omitted factors have interferenced the results of multiple regression. In addition, by constructing several interactions, this paper tries to verify the moderate effect of the educational background, overseas background and academic background of female executives.
The empirical results show that there is a significant positive correlation between the proportion of female executives and ROA. Female participation in the top management team can promote the improvement of firm performance. The larger the proportion of female executives in the top management team, the better the firm performance. Meanwhile, the educational background and academic background of female executives have a positive moderate effect, which can strengthen the positive correlation between female executives and firm performance. In order to ensure the robustness of the empirical results, this paper replaces the explanatory variables ROA with EPS and Tobin's Q, and conducted regressions on all variables again. The output results are basically consistent with the previous results, indicating that the empirical results are reliable.

並列關鍵字

Female Executives ； Firm Performance ； Fixed Effect Regression ； Moderate Effect ； Propensity Score Matching

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