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论文编号：	12663
作者编号：	2120192891
上传时间：	2021/6/18 20:24:00
中文题目：	女性董事与企业韧性研究
英文题目：	Research on the Female Directors and Corporate Resilience
指导老师：	张耀伟
中文关键字：	女性董事；企业韧性；财务冗余；行业竞争程度
英文关键字：	Female Directors; Corporate Resilience; Financial Slack; Industry Competition
中文摘要：	2020年，新冠肺炎疫情不仅对人类健康构成了威胁，还严重影响着全球经济和每一家企业。就像每个人都需要建立强大的免疫系统来应对疾病一样，企业在面临这场突如其来的外部冲击时，也需要建立一种科学完整的体系来抵御风险，恢复自身运营。自疫情爆发以来，企业韧性已成为了管理领域研究的热点问题。当前国内外学者主要从个体、组织、环境三个层面进行研究，认为员工对企业的认同感、企业资源储备情况、与利益相关者关系的稳定程度等是影响企业韧性的重要因素。而女性董事作为公司高层管理人员，在企业决策中享有重要话语权，已有研究表明女性与男性在内在特质、领导风格、处事态度上存在明显差异，表现为更善解人意，风险规避意识更强，能更好的维护与利益相关者的关系等等。因此，研究女性董事的内在特征是否会影响企业韧性具有现实意义。基于此，本文以新冠肺炎疫情为背景，聚焦女性董事，探究其与企业韧性之间的关系。 本文运用理论分析与实证研究相结合的方法。在理论层面，归纳总结了现有研究，运用高层梯队理论、利益相关者理论、资源基础理论，探求女性董事对企业韧性的作用机理，进一步分析了危机前企业财务冗余水平、所处行业竞争程度带来的影响。在实证层面，以2020年新冠肺炎疫情冲击下的我国沪深两市A股上市公司为研究样本，将企业韧性区分为外部冲击期间企业的抵抗力和恢复能力，构建了以股价为基础的衡量指标，实证检验了女性董事与企业韧性的关系，回归分析了财务冗余、行业竞争强度对二者关系的调节作用。 实证研究结果表明：（1）女性董事可以显著增强企业韧性，提高企业的抵抗力和恢复能力；（2）财务冗余会削弱女性董事与企业抵抗力、恢复能力之间的正向关系，在外部冲击期间财务冗余提供的内部资源会在一定程度上替代女性董事为企业带来的相对优势；（3）公司所处行业竞争越激烈，女性董事与企业抵抗力、恢复能力之间的正向关系越明显。基于以上结论，提出以下政策建议：（1）优化董事会性别结构；（2）提高企业风险防范意识，建立科学、合理的资源管理制度；（3）构筑与所处行业竞争程度相适应的体制机制。
英文摘要：	In 2020, COVID-19 not only threatens human health, but also severely affects the global economy and every individual business worldwide. Just like everyone of us needs to build a strong immune system to deal with diseases, when companies encountering such a sudden and unprecedented external shock, they also need to develop a scientific and complete system to withstand it. Since the outbreak of the epidemic, corporate resilience has become a hot topic in the field of corporate governance. At present, scholars explore corporate resilience from the perspective of individual, organization, and environment. It is believed that the sense of belonging of employees, resource slack, the relationship with stakeholders determines the level of corporate resilience. As senior managers of a company, female directors play an important part in corporate decision-making. Studies have shown that there are significant differences between female and male in inherent traits, leadership styles, and attitudes. For example, Female are usually more considerate, risk-averse and they are good at maintaining relationships with employees and customers. Therefore, it is of practical significance to study whether the internal characteristics of female directors affect corporate resilience. This paper combines theoretical analysis with empirical research. In the aspect of theories, the paper explores the mechanism of female directors and corporate resilience based on the theory of Upper Echelons Theory, Stakeholder Theory and Resource-based Theory, by summing up the relevant research. Furthermore, the influence of financial slack and industry competition on this relationship is analyzed. In the aspect of empirical study, the paper using the samples of A-share listed companies in Shanghai and Shenzhen stock markets, constructs a measurement index based on the stock price to examine the relationship between female directors and corporate resilience. Then, the moderating effect of financial slack and industry competition on the relationship are examined. The empirical results show that female directors can significantly enhance corporate resilience, improve the corporate resistance and resilience. Meanwhile, Financial redundancy can weaken the positive relationship between female directors and corporate resistance. Furthermore, the more intense in the industry competition, the more obvious the positive relationship between female directors and corporate resistance. Combined with the results of this paper, the following suggestions are put forward. First, the positive role of female directors should be recognized and the gender structure of the board need to be optimized. Second, enterprises should improve their awareness of risk prevention and establish a scientific and reasonable resource management system. Third, enterprise should build the system and mechanism that are compatible with the degree of industry competition.
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