Research On The Correlation Between Female Directors And The Performance Of Listed Companies In Chinese Automobile Manufacturing Industry

The board of directors occupies an important position in the corporate governance,the level of corporate governance is closely related to the effective functioning of the board of directors,while the rationality of the structural characteristics of the board directly affects the function of the board of directors.Diversification of Board of Directors has become a new research field in the governance of the board directors,and has gradually gained positive attention from domestic and foreign scholars.With the rapid development of economy,more and more women participate in the work,and they also gradually enter into the company's management positions,the board of gender diversity has become the focus of domestic and foreign scholars,Participation of female directors in board decision-making will have a certain impact on their decision-making level and decision-making efficiency,and ultimately will affect the performance of the entire company.At present,many foreign scholars have begun to Launch the relevant research about the Influencing factors and governance effect of female directors' actively participation in corporate governance.In Europe and the United States,scholars have got some conclusions about the impact of female directors on corporate governance,corporate performance and corporate decision-making efficiency,but the conclusions are not exactly the same.However,the academic circles in our country mainly study the relationship between the board and the company performance from the structure and characteristics of the board,for exmaple,the size of the board of directors,the situation of the chairman and the general manager,board of education,the number of directors holdings and board meetings and so on.But there is a few research on the relationship between female directors and corporate performance,and most of them only discuss the characteristics of female directors,and rarely consider the differences between different industries.So in this paper,selecting the data of 43 listed companies in the automobile manufacturing industry from 2006 to 2014 as the research samples,we use a variety of methods to make an empirical analysis and research on the relationship between female directors and corporate performance in sample companies,based on the theory of non-competitive discrimination,the theory of interest,the theory of principal-agent,the theory of resource dependence and the gender difference of management behavior.The main contents of this paper are divided into the following parts:The first part is the introduction.This part makes a brief summary of the whole paper,including the research background and research significance,the innovation of this paper,the lack of research and the research methods.The second part is a review.Firstly,it summarizes the present situation and characteristics of the development of female directors in China.Secondly,it expounds the research on the relationship between female directors and corporate performance at home and abroad.Finally,the literature is reviewed.The third part is the theoretical basis.First of all,after combining the domestic and foreign research result,this paper sex pounds the theoretical support of female directors' influence on enterprise performance from the four different perspectives of non-competitive discrimination theory,stakeholder theory,principal-agent theory and resource dependence theory,and then focuses on the elaboration of theory of gender differences in management behavior,Finally,summarize the above theories.The fourth part is empirical research design.This part includes the selection of research samples,the proposed hypothesis,the choice of variables and their definitions,as well as the establishment of principal component analysis model and multiple regression model.The fifth part is empirical analysis.First,perform the principal component analysis of the variables that measure the company's performance to get the overall performance of the company.Secondly,make descriptive statistical analysis,and correlation analysis,Finally,multiple linear regression analysis is conducted to study the relationship between female directors and corporate performance.Part VI Study conclusions and policy recommendations.Summarize the conclusions of the empirical analysis according to the previous part of the analysis and research.On this basis,put forward the corresponding rationalization proposals,so as to provide reference for improving the performance of listed companies in automobile manufacturing industry.This paper chooses the financial data of the listed companies in the automobile manufacturing industry from 2006 to 2014 as the research sample,selects the proportion of the female directors and the average educational level of the female directors these two angles to measure the characteristics of female directors,selects the size of the company,equity balance and asset-liability ratio as the control variables,finally studies the relationship between female directors and corporate performance and obtains the following conclusions.First,the proportion of female directors and their average educational level in the automobile manufacturing industry are all significantly positively correlated with the performance of the company.Indicating that with the gradual increase in the number of female directors and their academic qualifications,the company's resources will be gradually enriched,which help to promote the improvement of corporate performance.And reminds enterprises to pay attention to the introduction and participation of female directors in corporate governance.