CEO性别、产权性质与公司过度投资行为

财经论丛 ›› 2018, Vol. 34 ›› Issue (4): 66-74.

CEO性别、产权性质与公司过度投资行为

许晓芳¹, 沃健², 方略³

1.华东交通大学经济管理学院,江西南昌 330013;
2.浙江财经大学东方学院,浙江海宁 314408;
3.华东交通大学国际学院,江西南昌 330013

收稿日期:2017-11-03 出版日期:2018-04-10 发布日期:2018-04-13
作者简介:许晓芳(1986-),女,江西石城人,华东交通大学经济管理学院讲师,博士;沃健(1960-),男,浙江绍兴人,浙江财经大学东方学院教授;方略(1985-),男,安徽南陵人,华东交通大学国际学院讲师。
基金资助:
江西省教育厅科技项目(GJJ150515;GJJ170426);江西省社会科学规划项目(16ZK02);教育部人文社科青年项目(17YJC630190)

CEO Gender,Property Rights and Excessive Investment Behavior

XU Xiaofang¹, WO Jian², FANG Lve³

1. School of Economics and Management, East China Jiaotong University,Nanchang 330013,China;
2. Dongfang College, Zhejiang University of Finance and Economics,Haining 314408,China;
3. International School, East China Jiaotong University,Nanchang 330013,China

Received:2017-11-03 Online:2018-04-10 Published:2018-04-13

摘要/Abstract

摘要： CEO作为公司最高决策者,控制着资源配置权及处于核心地位的投资决策权,性别作为其最重要的个人特征之一,会对公司投资行为产生重要影响。本文基于中国A股上市公司样本数据,研究CEO性别对公司过度投资行为的影响,结果显示,女性CEO可以在一定程度上降低国有上市公司的过度投资程度。同时,CEO性别未对公司的过度投资倾向产生重要影响。本文拓展了现有高管背景特征和公司投资行为方面的研究,对于认识公司不同性别高管的过度投资行为,以及不同产权制度对微观主体或个体经济行为的影响,均具有重要的理论与现实意义。

关键词: CEO性别, 产权性质, 过度投资行为

Abstract: As the top decision makers of companies,CEOs control resource allocation rights and the core investment decision-making rights,and the gender will have an important impact on corporate investment behavior as one of the most important personal characteristics. Based on the data of Chinese A-share listed companies,this paper studies the impact of CEO gender on company's excessive investment behavior. It is found that female CEOs can reduce the degree of excessive investment in state-owned listed companies to a certain extent,but no evidence shows that female CEOs can reduce that of non-state-owned listed companies. Furthermore,there is no evidence that CEO gender can have an important impact on company's over-investment tendency. This paper expands the research on the executive background characteristics and corporate investment behavior research,and has important theoretical and practical implications for the understanding of company's excessive investment behavior by executives of different gender,and the impact of different property rights system on microscopic main bodies' economic behaviors,as well as the impact of the gender of executives on individual economic behaviors.

Key words: CEO Gender, Property Rights , Excessive Investment Behavior

中图分类号:

C939
F230

许晓芳, 沃健, 方略. CEO性别、产权性质与公司过度投资行为[J]. 财经论丛, 2018, 34(4): 66-74.

XU Xiaofang, WO Jian, FANG Lve. CEO Gender,Property Rights and Excessive Investment Behavior[J]. , 2018, 34(4): 66-74.

参考文献

[1] 姜付秀,伊志宏,苏飞,黄磊. 管理者背景特征与企业过度投资行为[J]. 管理世界,2009,(1): 130-139.
[2] Berle,A.A.,Means,G. The Modern Corporation and Private Property[M]. New York: Macmillan,1932.
[3] Jensen,M.C.,Meckling,W.H., Theory of the Firm: Managerial Behavior,Agency Costs,and Ownership Structure[J]. Journal of Financial Economics,1976,vol.3,no.4: 78-79,305.
[4] Shleifer,A.,Vishny,R.W. Management Entrenchment: The Case of Manager-Specific Investments[J]. Journal of financial economics,1989,vol.25,no.1: 123-139.
[5] 杨华军,胡奕明. 制度环境与自由现金流的过度投资[J]. 管理世界,2007,(9):99-106.
[6] 辛清泉,郑国坚,杨德明. 企业集团、政府控制与投资效率[J]. 金融研究,2007,(10):123-142.
[7] Richardson,S. Over-investment of Free Cash Flow[J]. Review of Accounting Studies,2006,vol.11,no.2-3:159-189.
[8] 魏明海,柳建华. 国企分红、治理因素与过度投资[J]. 管理世界,2007,(4):88-95.
[9] 童盼,陆正飞. 负债融资对企业投资行为影响研究:述评与展望[J]. 会计研究,2005,(12):71-76.
[10] Biddle,G.C.,Hilary,G. Accounting Quality and Firm-level Capital Investment[J]. The Accounting Review,2006,vol.81,no.5: 963-982.
[11] Biddle,G.C.,Hilary,G.,Verdi,R.S. How does Financial Reporting Quality Relate to Investment Efficiency？[J]. Journal of Accounting and Economics,2009,vol.48,no.2: 112-131.
[12] 郭敏华等. 性別与投资学行为:以台湾股票投资人为例[J]. 财务金融学刊(TSSCI),2005,(13)2: 1-28.
[13] 谭松涛,王亚平. 股民过度交易了么？——基于中国某证券营业厅数据的研究[J]. 经济研究,2006,(10):83-95.
[14] Faccio,M.,Marchica,M.,Mura,R. CEO Gender,Corporate Risk-taking,and the Efficiency of Capital Allocation[J]. Journal of Corporate Finance,2013,39(8):193-209.
[15] 金智,宋顺林,阳雪.女性董事在公司投资中的角色[J]. 会计研究,2015,(5):80-86.
[16] 孙亮,周琳.女性董事、过度投资与绩效波动——基于谨慎性视角的研究[J]. 管理评论,2016,(7):165-178.
[17] 祝继高,叶康涛,严冬. 女性董事的风险规避与企业投资行为研究——基于金融危机的视角[J]. 财贸经济,2012,(4):50-58.
[18] Sunden,A. E.,Surette,B.J. Gender Differences in the Allocation of Assets in Retirement Savings Plans[J]. American Economic Review,1998,vol.88,no.2207-211.
[19] 张兆国,刘亚伟,亓小林. 管理者背景特征、晋升激励与过度投资研究[J]. 南开管理评论,2013,(4):32-42.
[20] Erhardt,N.L.,Werbel,J.D.,Shrader,C.B. Board of Director Diversity and Firm Financial Performance[J]. Corporate Governance:An International Review,2003,vol.11,no.2: 102-111.
[21] Jensen,M.C. Agency Costs of Free Cash Flow,Corporate Finance,and Takeovers[J]. The American Economic Review,1986,vol.76,no.2:23-329.
[22] Stulz,R. Managerial Discretion and Optimal Financing Policies[J]. Journal of Financial Economics ,1990,vol.26,no.1:3-27.
[23] Eckel,C.C.,Grossman,P.J. Men,Women and Risk Aversion:Experimental Evidence[J]. Handbook of Experimental Economics Results,2008,vol.1,no.7: 1061-1073.
[24] Arlow,P. Personal Characteristics in College Students' Evaluations of Business Ethics and Corporate Social Responsibility[J]. Journal of Business Ethics,1991,vol.10,no.1: 63-69.
[25] Dreber,A.,Johannesson,M. Gender Differences in Deception[J]. Economics Letters,2008,vol. 99,no.1:197-199.
[26] Skinner,D.J.,Sloan,R.G. Earnings Surprises,Growth Expectations,and Stock Returns or Don't Let an Earnings Torpedo Sink your Portfolio[J]. Review of Accounting Studies,2002,vol.7,no.2-3:289-312.
[27] Bushman,R.M.,Smith,A.J.Financial Accounting in Formation and Corporate Governance[J]. Journal of Accounting and Economics,2001,vol.32,no.(1):237-333.
[28] Heminway,J.M.Sex,Trust,and Corporate Boards[J]. Hastings Women's Law Journal,2007,vol. 18:173.
[29] 况学文,陈俊. 董事会性别多元化、管理者权力与审计需求[J]. 南开管理评论,2011,(6):48-56.
[30] 王霞,薛跃,于学强. CFO的背景特征与会计信息质量——基于中国财务重述公司的经验证据[J]. 财经研究,2011,(9):123-133.
[31] 杨丹,王宁,叶建明.会计稳健性与上市公司投资行为——基于资产减值角度的实证分析[J]. 会计研究,2011,(3):27-33.
[32] 许晓芳,方略. CEO性别会影响公司现金持有行为吗？[J]. 山西财经大学学报,2013,(11):77-85.
[33] Huang,J.,Darren,K. Gender and Corporate Finance:Are Male Executives Overconfident Relative to Female Executives？[J]. Journal of Financial Economics,2013,vol.108,no.3:822-839.
[34] Brandt,L.,Li,H. Bank Discrimination in Transition Economies:Ideology,Information,or Incentives？[J]. Journal of Comparative Economics,2003,vol. 31,no.3:387-413.
[35] 方红星,金玉娜. 公司治理、内部控制与非效率投资:理论分析与经验证据[J]. 会计研究,2013,(7):63-69.
[36] 申慧慧,于鹏,吴联生. 国有股权、环境不确定性与投资效率[J]. 经济研究,2012,(7):113-126.