Research On The Effect Of Female Executive On Enterprise Performance Of High And New Technology Firm

The current female labor force participation rate in China is as high as 70%,ranking first in the world,but a large number of middle and low-level jobs in the workplace.In2019,the proportion of female members of the Chinese board of directors was 11.0%,much lower than the world average of 20.6%.The proportion of female executives fell from 15.8% in 2016 to 15.2% in 2019.Compared with men,women have their own advantages and characteristics,and their value in management positions is seriously underestimated.The most fundamental reason for changing this dilemma lies in truly recognizing and recognizing the value of women in the process of social participation and the mechanism of value generation.Based on the profit-seeking nature of capital,when the value of female managers is recognized and accepted,companies must have a rational choice.Therefore,clarifying the process and mechanism of the impact of women’s participation in high-level management on organizational performance can promote women’s better participation in society,promote corporate performance and promote social equity.At present,some scholars have studied the relationship between female participation in high-level management and corporate performance based on the high-level team theory,but the existing research conclusions are polarized.The differences in conclusions are due to many reasons.First,gender is closely related to social and cultural awareness.Due to the difference in social and cultural awareness,the research conclusions based on data from different countries lack a comparative basis;second,the characteristics of various industries are obviously different,and there is no data.The division of industries reduces the reference and comparability of the conclusions.Third,in the research method,the use of cross-sectional data correlation research results in the research conclusions being greatly affected by certain specific annual factors,which cannot provide a strong explanation for universal research.Based on this,the current research on the participation of female executives needs to carry out specific and in-depth research on specific industries in order to provide more reference and practical value of research conclusions,and further enrich the research results of high-level theory.This article selects traditionally male-dominated high-tech industry women to participate in executive team decision-making as the research object,in order to show the general significance of female value creation.With the increasingly prominent environmental uncertainty features,the ability to recognize and control the environment is an important guarantee for organizational performance.Compared with the risk-taking nature of men,women are more able to implement stable investment behaviors in a turbulent environment,thereby reducing Uncertain impact on the organization’s operations.Based on the high-tier team theory,principal-agent theory,and gender trait research results,this paper proposes that the participation of female executives will make enterprises adopt more stable R&D investment behaviors,which will have a positive significance for the organization’s continuous performance and this role process Will be adjusted by the risk appetite of the executive team.Based on the above assumptions,this study collated the data of high-tech listed companies in the high-tech industries of the Shenzhen Stock Exchange and the SME board from 2014 to 2018 to verify the hypothesis.Finally,528 sample enterprises were selected to form a complete five-year panel data.At the same time,the influence of the lag effect is considered in the data processing,and the performance of the enterprise lagging one period is used as the control variable to reduce the effect of the cobweb model effect.For the empirical analysis of panel data,Stata software is mainly used to test the stability and random effects of panel data,and the principal component analysis method is used to assign variables,and the moment estimation method(system GMM)is used to test the adjusted effect of the mediator.The study draws the following conclusions:(1)the participation of female executives has a significant positive impact on corporate performance;(2)R&D investment plays a partial intermediary role between female executive participation and corporate performance;(3)partial intermediation of R&D investment The role is regulated by the risk appetite of the executive team.The risk appetite of the executive team will restrict the inhibition of female executive participation in R&D and change the impact of female participation on organizational performance.Based on the above research conclusions,this article believes that increasing the proportion of female senior executives in the Chinese high-tech enterprise executive team has a positive significance for business management.The participation of female executives will make the company’s R&D investment behavior more stable,in a highly uncertain current environment It has a more positive meaning for organizational performance.