Study Of Famale Directors And Corporate Value

Female directors is a relatively new topic.With the progress of the society, people’s ideas are changing grately, so that women no longer focus only on the family world.Women gradually began to enter into the workplace, and have achieved a proud achievement.But at present, both at home and abroad, especially in the domestic study of female directors is still in its infancy.In China,in addition to rare articles of ZhuJiGao, Ye Kangtao and YanDong (2012), Ren Ting and Wang Zheng (2010) and others,there is no other form system research.Ren Ting and Wang Zheng (2010) focus on the human capital and social resources of female executives to enhance corporate performance,ignoring the study of female executives themseves’characteristics,and besides its sample is confined to private enterprises.ZhuJiGao, Ye Kangtao and YanDong(2012) focus on women directors infuencing companies’excessive investment behaviors,and the research is confined to the special background of the financial crisis.This paper focuses on the specific path of female directors affecting the value of the company, in order to make up for the inadequacy of existing research.Text selected listed companies from1990to2013as samples,selecting Tobin’s Q,ROE and EPS as variables measuring the company’s value.Using correlation analysis and regression analysis methods,empirically tests and analyzes the relationship between women directors and the company’s value.Empirical studies have found that the proportion of women directors has a positive effect on firm value,but the positive effect is limited.The participation of female directors to the Board of Directors added heterogeneity and diversity, but the survey found that Chinese female directors accounted for less than11%on average.Female directors in the Board of Directors is in a weak position,and do not rule out a lot of companies hiring female directors is for symbolic reasons,which may be the reason why women directors to the positive role of the value of the company is limited. Further research also found that the average age of female directors and their average education level was a positive effect on firm value, and the women’s average education level has a significant positive effect on the value of the company.To some extent,this explains that women directors do contribution to the company value is not only because of its rich life experience, as well as its own accumulation of social capital and human capital,and its own education level is also key to the success of their career.The higher the educational level, the higher professional quality in general.The final conclusion of this study are female directors have a positive effect on the value of the company, and its role is from unique personality traits, rich experience and strong human capital and social resources of the female directors,indicating that Chinese listed companies employing female directors has played a positive role in the company’s investment strategy and financial behavior,which provides a valuable reference for the Chinese listed company executives human resource allocation decisions.