【作者】 周萍；

【导师】 王霞；

【作者基本信息】 华东师范大学 ， 会计学， 2020， 硕士

【摘要】 资本作为企业扩大再生产的重要稀缺资源,也是企业实现可持续发展的关键动力。资本对于企业可持续发展的重要性,不仅体现在量的积累,更体现在其配置效率的提升上。在如今经济新常态的背景下,企业仅仅依赖于资本要素数量驱动的增长方式亟需调整。优化资本配置行为,提升企业资本配置效率方为正道。长期以来,上市公司普遍存在资本配置效率低的问题,这也使学者们纷纷从多种角度去深入探究其背后的影响因素。随着“高层梯队理论”的提出以及心理学、行为金融学的发展,学者们纷纷开始关注管理者特征(客观特征和心理特征)对企业资本配置效率的影响。但迄今为止,从管理者的后代性别角度研究其如何影响企业资本配置行为乃至资本配置效率的研究几乎没有。基于此,本文以2003-2017年A股上市公司为样本,通过考察我国A股上市公司董事长后代性别结构的情况,创新性地以“养育女儿”为切入点,研究董事长养育女儿如何影响其所在企业的资本配置效率。同时,本文结合我国各地市场化程度不同的现实情况,探讨不同的市场化程度对董事长养育女儿与企业资本配置效率两者之间关系的调节效应。本文研究结果表明相较于养育儿子的董事长,养育女儿的董事长所在企业的资本配置效率更高,即企业的资本配置效率中存在“女儿效应”;考虑市场化程度的调节效应,本文研究发现在市场化程度更低的地区,资本配置效率的“女儿效应”更明显。本文进一步结合董事长个体异质性探索分析发现,董事长养育女儿与企业资本配置效率之间的关系也因董事长个体的年龄、受教育程度和兼任情况而有所不同。具体而言,年轻的、受教育程度更高的、不兼任CEO的董事长所在企业资本配置效率的“女儿效应”更显著,即这些董事长养育女儿对企业的资本配置效率的促进作用更明显。本文进一步探索其作用机制发现,董事长养育女儿能够促进并有效发挥其在企业中的“监督和治理效应”。具体而言,养育女儿的董事长受到了女性“柔性管理风格”的影响,在工作态度、道德规范、决策方式和对风险的态度等方面有所改进,因而提升了董事会的效率,改善了公司治理水平。如养育女儿的董事长在公司的资本配置项目的决策和监管方面倾注更多的时间和精力,表现出更勤勉、更负责的工作态度;在管理风格上表现出更为“稳健”的一面,风险偏好程度更低,在决策和监管时会充分考虑项目的风险,从而使企业的资本配置决策更为科学合理,有效避免企业的非效率资本配置行为。本文在我国特有的“家文化”和性别文化的背景下,将养育行为与公司财务行为相结合,从“养育女儿”这一视角出发,对董事长养育女儿与企业资本配置效率之间关系进行研究。这无疑充实了公司治理领域对于高管个体异质性的研究,填补了管理者后代性别与企业资本配置效率相关性研究文献的空白。同时本文的研究成果也为公司治理结构的完善提供建议,也将有助于投资者和社会公众更深入地了解上市公司的资本配置行为动机和后果,为投资者和社会公众的投资决策提供启示和经验借鉴。更多还原

【Abstract】 Capital,as an important scarce resource for enterprises to expand reproduction,is an important source of power for sustainable development of enterprises.The importance of capital for enterprise sustainable development is not only reflected in the accumulation of quantity,but also in the improvement of its allocation efficiency.In the new normal of China’s economy,enterprises need to adjust their growth models that rely solely on the number of capital factors.Optimizing capital allocation to improve the efficiency of corporate capital allocation is the right way.For a long time,the problem of low capital allocation efficiency has been common in the listed companies,which has led scholars to explore the influencing factors from various angles.With the development of “Upper Echelon Theory”,psychology and behavioral finance,many scholars have paid attention to the influence of objective and psychological managerial characteristics on the efficiency of corporate capital allocation.But so far,there is almost no research on how to influence the behavior of capital allocation or the efficiency of capital allocation from the perspective of the gender of managers’ offsprings.Based on this,this paper takes A-share listed companies from 2003 to 2017 as a sample.By examining the gender structure of the chairman’s offsprings,this paper innovatively uses “raising daughter” as the entry point to study how the chairman’s raising daughters affects the capital allocation efficiency of the company.At the same time,this article combines the reality of different marketization levels in various parts of China to explore the moderating effect of marketization on the above relationship.The results of this study indicate that compared with the chairman who raises sons,the chairman who raises daughters has a higher capital allocation efficiency in the company,that is,the “daughter effect” exists in the capital allocation efficiency of the company.Besides,the “daughter effect” is stronger in the regions with lower-levelmarketization.This paper also analyzes the heterogeneity of the chairman,and finds that the “daughter effect” of younger,highly educated and non-CEO chairman is much more significant.This paper further explores the mechanism of action and finds that raising daughters by the chairman can promote “supervisory and governance effect” in the enterprise.Specifically,the chairman who raises daughters has been influenced by“female flexible management style”.Therefore,his work attitude,ethics,decisionmaking methods and the attitude to risk have also been influenced,which can improve the efficiency of the board of directors and corporate governance level.For example,the chairman who raises daughters will devote more time and energy to the decisionmaking and supervision of capital allocation project,showing a more diligent and responsible work attitude.The chairman who raises daughters will also have a more stable management style,so the risks of the project will be fully considered.In this way,the capital allocation decisions will be more scientific and reasonable,and the inefficient capital allocation behaviors of the enterprise will be effectively avoided.In the context of Chinese unique “family culture” and gender culture,this paper studies the relationship between the chairman’s parenting and the efficiency of corporate capital allocation from the perspective of “raising daughters”,which undoubtedly fills a gap in the literature on the correlation between the gender of managers’ offsprings and the efficiency of corporate capital allocation.The results of this study also provide suggestions for improving the corporate governance structure,and will also help the investors and the public to understand the motivation and consequences of capital allocation behavior of listed companies from a deeper perspective.更多还原