Research On The Influence Of Female Executives On Corporate Value In Listed Companies

With the progress of society and the development of civilization,women's social status is constantly improving,the number of women's employment are also increasing,female staff began to emerge in all walks of life,the proportion of female executives is also increasing and they play an increasingly important role in enterprises.The issue of female employees has attracted more and more attention from all walks of life.Among them,female executives and their impact on corporate value have become one of the focuses and hotspots of theoretical and practical circles in recent years.This paper takes the listed companies of A-share main board of Shanghai and Shenzhen stock markets in 2008-2017 as sample data,and uses multiple regression methods to empirically study the influence of female executives of listed companies on corporate value.The results show that:(1)there is an inverted U-type relationship between the proportion of female executives and the value of enterprises.When the proportion of female executives exceeds a certain threshold,as the proportion of female executives increases,it has a negative impact on corporate value.(2)Because the regression results show that the cross-item coefficient passes the1% significance test,it shows that the educational background of female executives has a moderating effect on the relationship between female executives and corporate value,and the proportion of female executives has a stronger effect on corporate value in the case of strong educational background than in the case of weak educational background.(3)From the cross-item numerical and analysis chart,overseas background,political background and academic background have different effects on the relationship between female executives and corporate value.However,the regression results show that the cross-term coefficient has not passed the significance test,and the overseas background,political background and academic background have no significant moderating effect on the relationship between female executives and corporate value.From the perspective of the influence of female executives of listed companies on corporate value,on the one hand,it helps enterprises to correctly understand the influence of female executives on corporate value,and tap the management and leadership ability of female executives.On the other hand,it provides theoretical basis and empirical support for the role played by female executives in the field of business management,which is conducive to enriching the research of enterprise value and the diversity of executive teams.