The Influence Of Female Executives On The Performance Of Manufacturing Companies Listed On Shanghai Stock Exchange

The company's top management team(TMT)is the most important decision-making organization throughout the company.Based on the importance of TMT," high-level echelon theory" holds that TMT members are limited by their cognitive ability,value orientation and observation angle,and "quality" is limited,which is not enough to know all the contents of the environment,and such limited quality will have a significant impact on their decision-making,and then affect the performance level of the company.But the quality itself is difficult to quantify,we can use easy to quantify the TMT population background characteristics to characterize the quality can have a significant impact on corporate performance,and study the relationship between population characteristics and corporate performance.As an important demographic characteristic,does gender have an impact on company performance?Further,what direction does it have?In order to solve this problem,from the perspective of " the influence of female executives on the performance level of the company",this paper collects the data of 296 manufacturing companies listed in Shanghai stock exchange from 2014 to 2016.Taking the gender characteristics of key position holders in TMT members as intervention variables,and PSM method is used to study the performance level difference of listed manufacturing companies led by different gender leaders and represented by ROE under the condition of controlling the covariates of enterprise size,asset-liability ratio,TMT member's average educational background,and average age and so on.Based on the above data,the conclusions are as follows:First,for the scope of the study,ROE of manufacturing companies with women in key positions was somewhat superior to companies with men in related positions;Second,the advantages are more obvious in the eastern region where the economic level is more developed.Third,the advantages are more obvious in state-owned enterprises.The possible innovations of this paper are:First,in China,based on the top echelon theory,the TMT population characteristics on the impact of corporate performance is mostly industry-wide sample,this paper focuses on the manufacturing industry,the directivity of the research results has been improved.Second,the empirical analysis method of this paper is PSM method,and based on the calculation results,draw the corresponding conclusions.In the domestic related research,most researchers use regression analysis method,this method is not very good to solve the problem of choice deviation.Compared with the analysis method without matching,or the sample selection method with local matching criteria such as company size and asset-liability ratio,the proposed method can reduce the error of parameter estimation.In addition,PSM method uses a propensity score to express several features,which makes multiple matching possible and achieves the purpose of excluding interference of other factors to judge,so the conclusion will be relatively objective.