证券市场导报Issue(6)：15-25,11.
女性董事、董事会权力集中度与企业创新投入
摘要
Abstract
Based on the perspectives of information and decision-making theory and social role theory, this study empirically investigates the relationship between women directors and innovation investment and the moderating effect of power concentration of the board of directors by using the A-share listed companies in Shanghai and Shenzhen stock exchange during the period 2007-2015 as research samples, and draw the following conclusions. Firstly, the relationship between women directors and innovation investment is nonlinear and "inverted U-shaped". That is, as the number or ratio of women directors increases, the innovation investment shows an upward trend at first and then declines. Secondly, power concentration of the board of directors has positive role in the relations between women directors and innovation investment. Thus, this paper suggests that when hiring women directors, the company should not only consider the threshold of the number or ratio of women directors, but also combine with the development stage of its life cycle. Furthermore, enterprises ought to face up to the actual situation of power concentration of the board of directors and consider the actual demand or potential expectation of innovation investment so as to achieve the dual improvement and promotion of board governance optimization and enterprise innovation by the important demographic characteristics of women directors.关键词
女性董事/董事会权力集中度/企业创新投入/倒U型关系Key words
women directors/power concentration of the board of directors/innovation investment/inverted U-shaped relationship分类
管理科学引用本文复制引用
严若森,朱婉晨..女性董事、董事会权力集中度与企业创新投入[J].证券市场导报,2018,(6):15-25,11.基金项目
国家自然科学基金项目"基于双重委托代理理论模型构建的股权集中型公司治理最优化研究"(70502024) （70502024）
教育部新世纪优秀人才支持计划项目(NCET-11-0412) （NCET-11-0412）
