An Empirical Study On The Effect Of Female Executives On Capital Allocation Efficiency

On the macro level,China's economy has entered the new norm,it has several basic characteristics: first,the economic growth has gone from high speed to middle and high speed;the second is that the economic structure is optimizing and upgrading,the third is that the driving force is from factor and investment to innovation.Under this background,we urgently need to accelerate the transformation of the mode of economic development and promote the sustainable development of China's economy.Improving China's capital allocation efficiency to improve the quality and efficiency of China's economic development is undoubtedly an important way to realize the transformation of economic development mode.For microenterprises,in recent years,with the development of society and economy,more and more women have become members of the corporate executive team.On the one hand,it has revolutionized our traditional concept about women.On the other hand,the study of behavioral economics and psychology has found that there are large sex differences between men and women.The rise of female executives will definitely lead to major changes in China's listed companies.Based on this,this paper studies the relationship between female executives,risk taking and capital allocation efficiency,which has strong practical significance.This paper first combined the related literature of female executives,risk bearing and capital allocation efficiency,and then based on the risk aversion,corporate governance and other theories of female executives,put forward the related analysis model of female executives,risk bearing and capital allocation efficiency.On this basis,the concepts of female different methods to carry out robustness test.Then,this paper tries to give a mechanism for female executives to affect the efficiency of capital allocation from the characteristics of risk aversion,lack of self-confidence,differences in incentive structure,and the attitude to unemployment.This paper mainly adopts panel data fixed effect method to analyze the relationship between female executives,risk taking and capital allocation efficiency.The following conclusions are drawn: the higher the proportion of female executives,the lower the risk of enterprise;the higher the proportion of female executives,the higher the efficiency of the capital allocation of enterprises;risk aversion has significant impact on capital allocation efficiency,the higher the risk aversion,the lower the efficiency of the capital allocation;apart from the direct impact of the efficiency of capital allocation,Female executives can also indirectly affect capital allocation efficiency by influencing corporate risk taking.