股權集中度、高管性別的影響研究 I摘要本文基于2016-2022年中國A股上市公司數(shù)據(jù)，運用面板多元回歸模型實證檢驗了股權集中度與高管性別特征對企業(yè)績效的影響。</p>
研究發(fā)現(xiàn)：（1）股權集中度與企業(yè)績效之間存在倒U型關系，適度的股權集中有利于提升企業(yè)價值，而過度集中的股權則會損害公司績效；（2）高管團隊中女性比例的提高對企業(yè)績效沒有顯著影響，且高管性別與股權集中度之間不存在顯著的交互效應；（3）在民營企業(yè)中，女性高管比例與企業(yè)績效呈現(xiàn)出顯著的負相關關系，但在國有企業(yè)中這一負向影響并不顯著。
以上結論經(jīng)過了一系列穩(wěn)健性檢驗，包括替代變量、附加控制變量和分組回歸等。
本文的研究結論為優(yōu)化上市公司股權結構、完善中國特色職業(yè)經(jīng)理人市場提供了經(jīng)驗證據(jù)和政策啟示，對推進公司治理理論研究和深化資本市場改革具有重要意義。
關鍵詞：股權集中度；高管性別；公司治理；企業(yè)績效IAbstractUsingpaneldataofChina'sA-sharelistedcompaniesfrom2016to2022,thispaperempiricallyexaminestherelationshipbetweenownershipconcentration,executivegendercharacteristicsandfirmperformancebyemployingmultipleregressionmodels.Themainfindingsareasfollows:(1)ThereexistsaninvertedU-shapedrelationshipbetweenownershipconcentrationandfirmperformance.Moderateconcentrationofownershipisconducivetoenhancingfirmvalue,whileexcessiveconcentrationmayimpaircorporateperformance.(2)Increasingtheproportionoffemaleexecutivesintopmanagementteamshasnosignificantimpactonfirmperformance,andnosignificantinteractioneffectisfoundbetweenexecutivegenderandownershipconcentration.(3)Inprivateenterprises,theproportionoffemaleexecutivesissignificantlynegativelycorrelatedwithfirmperformance,butthisnegativeimpactisnotsignificantinstate-ownedenterprises.Theseconclusionsarerobusttoaseriesofchecks,includingalternativevariablemeasures,additionalcontrolvariables,andsubsampleregressions.ThefindingsofthisstudyprovideempiricalevidenceandpolicyimplicationsforoptimizingtheownershipstructureoflistedcompaniesandimprovingthemanageriallabormarketwithChinesecharacteristics,whichareofgreatsignificanceforadvancingtheresearchoncorporategovernancetheoryanddeepeningthereformofcapitalmarkets.Keywords：ownershipconcentration;executivegender;corporategovernance;firmperformance
