本研究之目的在於探討董事會性別多樣性與財務績效之關聯性,並進一步檢驗曲線關係。以中國A股上市公司為研究對象,蒐集樣本公司2001年至2011年十一年期間的董事會性別與企業財務績效資料進行實證分析。 實證結果顯示:董事會性別多樣性與企業財務績效呈現先下降後上升的正U型曲線關係,亦即,女性董事比例須達到關鍵多數後對財務績效才會產生有利的影響;加入企業規模的調節後,規模較大的企業其董事會性別多樣性與會計績效(ROE)將呈現顯著正U型的曲線關係,而在企業規模大的情況下,董事會性別多樣性與市場價值(Tobin’s Q)將呈現顯著倒U型的曲線相關;以國營企業樣本進行迴歸分析,發現董事會性別多樣性與財務績效之關係無統計上的顯著性;加入國營企業的調節後,使國營企業董事會性別多樣性與財務績效間呈現倒U型曲線關係,與整體樣本結果相反,此結果反映國營企業董事的政治力會強化性別多樣性與財務績效的影響力。 本研究主要貢獻除了延伸開發中國家董事會性別多樣性議題於管理文獻上做一補充外,對於瞭解中國企業女性董事比例對財務績效的影響,具有實務價值。
The purpose of this study is to explore the relationship between the board gender diversity and financial performance , and further testing curve relationship . A-share listed companies in China for the study, collected the Board of gender and corporate financial performance data sample companies during the 2001-2011 ten-year empirical analysis. The empirical results show: The board gender diversity and corporate financial performance declined after the first rise showed a positive relationship between the U -shaped curve , that is , the proportion of women directors is required to achieve the critical mass will have a beneficial impact on the financial performance ; adding enterprise-scale adjustment after large-scale enterprise of its board gender diversity and performance accounting(ROE) will show a significant positive relationship between the U-shaped curve , and in the case of large- scale enterprises , the Board of gender diversity and market value(Tobin's Q) will be presented significantly associated inverted U-shaped curve ; to state-owned enterprises sample regression analysis, we found the relationship between gender diversity and financial performance of the Board of Directors of no significant statistical ; after adding state-owned enterprises to adjust , so that state-owned enterprises of the Board of gender diversity and financial performance between an inverted U -shaped relationship , with the overall sample results Instead, this result reflects the political power of the directors of state-owned enterprises will strengthen gender diversity and financial performance influence. The main contribution of this study, in addition to extending the board gender diversity in developing countries to make a supplementary question on the management literature, to understand the impact of Chinese enterprises the proportion of female directors on financial performance , with practical value.