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论文编号：	15355
作者编号：	1120201111
上传时间：	2025/6/6 22:50:00
中文题目：	女性董事权威对企业韧性的影响研究
英文题目：	The Impact of Female Board Directors'' Authority on Corporate Resilience
指导老师：	李维安
中文关键字：	女性董事权威；企业韧性；个人权威；社会资源权威；反弹韧性；反超韧性
英文关键字：	Female Director Authority；Corporate Resilience；Personal Authority；Social Resource Authority；Recovery Resilience；Outperformance Resilience
中文摘要：	随着全球经济环境的复杂性和不确定性的日益加剧，企业韧性成为了学术界和实践领域的研究重点。企业韧性指的是企业在面对突发的外部冲击或内外部压力时，能够迅速恢复并维持长期竞争力的能力。在应急治理的背景下，突发事件如经济危机、自然灾害以及公共卫生事件不断冲击全球市场，企业在这些冲击中如何应对并恢复其运营至关重要。因此，研究如何提升企业的应急治理能力和韧性，成为了治理结构优化中的关键课题。尤其在绿色治理（ESG）的背景下，董事会作为企业治理的核心，其多样性和成员的权威性对企业韧性发挥着不可忽视的作用。近年来，性别多样性对董事会的决策模式、创新能力和风险管理策略的影响已引起广泛关注，而女性董事在企业韧性中的作用尚未得到充分探索，尤其是在企业面临危机时，女性董事如何通过其权威性影响企业的复原力和反弹能力，成为了一个亟待解决的研究问题。 本研究的核心目标是探讨女性董事权威性对企业韧性的影响，特别是在突发危机情况下，女性董事的权威性如何影响企业的反弹韧性和反超韧性。首先，本研究提出，女性董事的权威性不仅体现在性别多样性带来的不同视角上，更通过其在董事会中的个人权威和社会资源权威对企业决策产生深远影响。个人权威主要指女性董事在决策中的主导性、在管理层中的影响力；而社会资源权威则是指女性董事在社会和行业中的声誉、影响力及其社会认同。通过探讨这两种权威性对企业韧性的影响，本研究不仅丰富了性别多样性对企业韧性的研究，也为董事会治理的优化提供了新的理论视角。 为实现研究目标，本研究采用了准自然实验设计，选取了2013年至2023年间中国A股上市公司作为样本。选取2020年的新冠疫情作为外生冲击变量，考察女性董事的权威性对企业韧性表现的具体影响。研究通过收集企业年报、财务数据及行业报告等资料，构建了多变量的回归分析模型。研究的核心变量包括女性董事的个人权威、社会资源权威以及企业韧性（包括企业的反弹韧性和反超韧性）。在模型中，还加入了一系列调节变量旨在考察这些企业内外部因素在女性董事权威性与企业韧性之间的相互作用。 本研究的实证分析结果表明，女性董事的个人权威和社会资源权威在推动企业韧性方面具有显著的正向影响。具体来说，女性董事在董事会中的权威性越高，企业在遭遇外部冲击后的恢复速度和反弹能力越强，且恢复后能够在原有基础上实现超越。这一结论揭示了女性董事在危机时期发挥的重要作用，尤其是在企业遭遇冲击时，女性董事凭借其权威性能够有效推动企业的快速反应和调整。此外，本研究还发现，女性董事权威性对企业韧性影响的效果存在一定的异质性，女性董事在高科技企业和东部发达地区的企业中更能发挥其个人权威和社会资源权威的作用。结果表明，女性董事可能通过提升企业创新导向和抑制管理层短视行为，从而显著增强企业韧性。 此外，外部因素如企业的数字化转型投入、管理者能力、CEO权力等，对女性董事权威性与企业韧性之间的关系起到了显著的调节作用。特别是数字化转型的投入，显著提高了企业在危机中的应对能力。数字化转型不仅提升了企业的信息处理能力，还提高了决策质量，从而进一步增强了企业在面对突发事件时的韧性。管理者能力、CEO权力等因素，也在一定程度上加强了女性董事在危机期间对企业韧性产生的正向影响。 本研究的理论贡献主要体现在以下几个方面。首先，本研究拓展了董事会性别多样性对企业韧性研究的边界，提出了女性董事个人权威和社会资源权威在推动企业韧性方面的不同作用，丰富了性别多样性对企业治理影响的研究内容。其次，研究通过细分企业韧性为反弹韧性和反超韧性，深化了对企业韧性内涵的理解，为相关领域提供了新的理论视角。最后，本研究首次将权威性视角引入董事会性别多样性研究中，为女性董事在企业韧性中的作用提供了新的理论依据。 在实践层面，本研究为企业治理结构的优化提供了有益的启示。尤其在面对危机时，企业应通过提升女性董事的权威性来增强企业的韧性，特别是在决策权和领导力方面为女性董事提供更多的支持。此外，研究还建议企业加大对数字化转型的投入，提升信息技术的应用能力和管理效率，从而增强企业在突发事件中的韧性。政府也应加强对企业数字化转型的支持，提供政策保障，帮助企业更好地应对外部冲击。在实际操作中，企业应更加重视董事会成员的多样性，特别是在性别和权威层面的多样性，以此推动企业在复杂多变的环境中保持竞争力。
英文摘要：	As the complexity and uncertainty of the global economic environment continue to intensify, corporate resilience has become a focal point of research in both academia and practice. Corporate resilience refers to a firm’s ability to swiftly recover and sustain long-term competitiveness when confronted with sudden external shocks or internal and external pressures. In the context of crisis governance, unforeseen events such as economic downturns, natural disasters, and public health crises continually disrupt global markets, making it imperative for firms to navigate these shocks and restore operations effectively. Consequently, enhancing corporate crisis management capabilities and resilience has emerged as a critical issue in governance optimization. Particularly within the framework of green governance (ESG), the board of directors, as the cornerstone of corporate governance, plays an indispensable role in shaping corporate resilience through its diversity and the authority of its members. In recent years, the impact of gender diversity on board decision-making, innovation capacity, and risk management strategies has garnered significant attention. However, the role of female directors in corporate resilience remains insufficiently explored—especially in crisis scenarios, where the extent to which female directors leverage their authority to influence a firm’s recovery and outperformance capacity presents an urgent research question. This study aims to investigate the impact of female directors’ authority on corporate resilience, with a particular focus on how their authority shapes both recovery resilience and outperformance resilience during crisis. Specifically, this research posits that the authority of female directors extends beyond the diverse perspectives introduced by gender diversity; it profoundly influences corporate decision-making through both their personal authority within the boardroom and their social resource authority. Personal authority encompasses their leadership role in decision-making and their influence within the management team, whereas social resource authority refers to their industry reputation, societal influence, and social legitimacy. By examining the effects of these two dimensions of authority on corporate resilience, this study not only enriches the discourse on gender diversity in resilience research but also offers novel theoretical insights for optimizing board governance. To achieve its research objectives, this study employs a quasi-natural experimental design, selecting A-share listed companies in China from 2013 to 2023 as the sample. The COVID-19 pandemic in 2020 is used as an exogenous shock variable to examine the specific impact of female directors’ authority on corporate resilience. By collecting corporate annual reports, financial data, and industry reports, the study constructs a multivariable regression analysis model. The core variables include female directors’ personal authority, social resource authority, and corporate resilience—comprising both recovery resilience and outperformance resilience. Additionally, a series of moderating variables are incorporated to explore the interplay between internal and external corporate factors and the relationship between female directors’ authority and corporate resilience. The empirical findings indicate that both personal and social resource authority of female directors exert a significant positive impact on corporate resilience. Specifically, firms with female directors possessing greater authority within the boardroom recover more swiftly from external shocks and demonstrate stronger recovery capacity, often surpassing their pre-crisis performance. These findings underscore the critical role of female directors in times of crisis, as their authority facilitates rapid corporate responses and strategic adjustments. Furthermore, this study reveals a degree of heterogeneity in the impact of female directors’ authority on corporate resilience. Female directors exert greater influence through their personal authority and social resource authority in high-tech firms and enterprises located in economically developed eastern regions. The findings suggest that female directors may significantly enhance corporate resilience by improving corporate innovation orientation and inhibiting management short-sightedness. Moreover, external factors such as firms’ investment in digital transformation, managerial capabilities, and CEO power significantly moderate the relationship between female directors’ authority and corporate resilience. Notably, digital transformation investments markedly enhance firms’ crisis response capabilities by improving information processing and decision-making quality, thereby further strengthening resilience in the face of unforeseen disruptions. Additionally, factors such as managerial expertise and CEO power further amplify the positive impact of female directors on corporate resilience during crises. The theoretical contributions of this study are reflected in several key aspects. First, it extends the boundaries of research on board gender diversity and corporate resilience by delineating the distinct roles of female directors’ personal authority and social resource authority in enhancing resilience. This enriches the discourse on the impact of gender diversity on corporate governance. Second, by differentiating corporate resilience into recovery resilience and outperformance resilience, the study deepens the conceptual understanding of resilience and offers a novel theoretical perspective to the field. Lastly, it pioneers the introduction of an authority-based perspective into research on board gender diversity, providing a new theoretical foundation for understanding the role of female directors in corporate resilience. On a practical level, this study offers valuable insights for optimizing corporate governance structures. In times of crisis, firms should enhance corporate resilience by strengthening the authority of female directors, particularly by affording them greater decision-making power and leadership opportunities. Furthermore, the study advocates for increased investment in digital transformation to bolster information technology capabilities and managerial efficiency, thereby enhancing firms’ adaptability to unforeseen disruptions. Policymakers should also reinforce support for corporate digitalization by providing policy incentives to help firms better navigate external shocks. In practice, companies should place greater emphasis on board diversity—not only in terms of gender but also in authority—to sustain competitiveness in an increasingly complex and dynamic business environment.
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