An Empirical Study On The Female Proportion Of Top Management Team And Overinvestment In Listed Companies

Investment is a necessary means to create and enhance enterprise value.However,in real life,companies always face the problem of inefficient investment such as excessive investment.How to improve the efficiency of enterprise investment and reduce excessive investment has become an urgent problem to be solved.Meanwhile,with the increase of women's participation in corporate governance,the role played by female executives has attracted more scholars' attention.According to the theory of high-level echelon,the existence of female executives can enhance the heterogeneity of the executive team and have a great impact on corporate performance,financing choice,investment decision and corporate social responsibility.Based on the 2008-2018 of China's A-share listed manufacturing companies,with individual's and company's relevant theories,this thesis tries to figure out the relationship between female executives,debt financing and overinvestment,and explore the role of debt financing in the impact of female executives on corporate overinvestment.The results show that:(1)women's overconfidence is lower,so the participation of female executives can curb overinvestment;(2)women's risk aversion is stronger,so female executives tend to reduce corporate debt financing and business risk;(3)Debt financing is difficult to play a camera governance role,and it will exacerbate the overinvestment of enterprises;(4)Female executives can restrain the over-investment of enterprises to a certain extent,and this effect is partly achieved by restraining debt financing.Finally,based on conclusion,this thesis believes that companies should(1)pay attention to gender heterogeneity and build a diverse top management team;(2)improve the executive selection mechanism.