摘要
本文探究了女性董事及其人力资本对公司绩效的影响机理,并从企业发展的动态层面研究女性董事人力资本与公司绩效间关系随企业生命周期的演变。通过对2010~2015年中国沪深A股上市公司的实证研究发现,女性董事人力资本能够提升公司绩效,并且这种绩效提升作用会随着企业生命周期由成长期向成熟期的演变逐渐增强;但其相对人力资本水平的提高反而会降低公司绩效。此外,女性董事比例与公司绩效间未发现显著的相关关系。研究结论为优化我国上市公司董事会人力资源配置提供了新的启示。
This paper takes China＇ s A-share listed companies from 2010 to 2015 as samples to explore the effect of female directors and their human capital on corporate performance and the moderating effect of corporate life cycle. The empirical results indicate that the human capital of female directors could improve corporate performance, and this rela- tionship will be enhanced as the development of corporate life cycle from the growth stage to the maturity stage. By con- trast, the improvement of female directors＇ relative human capital will reduce corporate performance. Besides, no signif- icant correlation between female directors＇ ratio and corporate performance is found. The conclusion provides meaningful insight on optimizing the human resource allocation of board of directors in China＇ s publicly listed companies.
出处
《预测》
CSSCI
北大核心
2017年第4期1-8,共8页
Forecasting
基金
国家自然科学基金资助项目(71672088
71272184)
国家自然科学基金重点资助项目(71533002)
教育部人文社会科学重点研究基地重大资助项目(15JJD630002)
关键词
女性董事
人力资本
企业生命周期
公司绩效
战略决策
female directors
human capital
corporate life cycle
corporate performance
strategic decision-making
