A Study On The Impact Of Background And Shareholding Of Female Entrepreneurs To Corporate Performance

The rapid development of social economy provides a broad platform and rich opportunities for women development. Over the past few decades, whether the developed countries or developing countries, female entrepreneurs had made huge achievements, they made great contributions to social progress and economic development. The enterprise led by women has become an important part of the economy and its influence to the whole society has becoming increasingly apparent. Entrepreneurs are the core energy to ensure the development and performance of the companies. The study of the relationship between female entrepreneurs and firm performance will not only enrich the existing related research but also will help the female entrepreneurs to fully understand their advantages, and break the bottleneck of enterprise development, then improve the companies' performance.The paper selects the female entrepreneurs as the research subject instead comparing the male and female entrepreneurs. First we reviews the research both the domestic and foreign, based on the TMT Theory, Human Capital Theory, Motivation Theory, Resource Dependence Theory and Rent-seeking Theory, we come up with those assumptions which combining the heterogeneity of the education level of the female entrepreneurs and executives team, the share ratio of the female entrepreneurs, female entrepreneurs' political relationship and external social economic environment. This paper use the ROA and Tobin Q as the measuring index of corporate performance, pick up appropriate control variables, establish a number of models to explore the influence of female entrepreneurs' society background and ownership on corporate performance.Based on the research sample of the listing Corp. which chairman is female during 2007-2011, this paper did an empirical study. The conclusion follows:the education level of the women entrepreneurs has a reverse relationship with the enterprise performance, but TMT education level and corporate performance has a positive relationship, the more convergence of the education level, the better of the corporate performance. Female entrepreneurs' ownership promotes the value creation of the enterprise, and the high degree of the liberalization of capital enhanced the promoting effect caused by shareholding. Female entrepreneurs' political association promotes the development of enterprises, but political association damaged the market fair competition. By improving the degree of the marketization and social trust can effectively reduce the occurrence of the political association, maintain market fair and promote the development of enterprises.