The Influence Of Political Background Of Female Directors On Corporate Performance

In recent years,China's women's social status has been constantly improved,the phenomenon of "glass ceiling" in the workplace has been gradually broken,women have begun to appear in important positions in all walks of life,and the proportion of female directors has been constantly increased,becoming an indispensable force in the board of directors.At the same time,the existence value of the enterprise is constantly changing and improving.On the one hand,the enterprise is pursuing profit or shareholder value,on the other hand,it is also trying to bear social responsibility.As one of the means to improve corporate governance,female directors have always been the focus of theoretical research in terms of whether they can enhance corporate value and promote the performance of corporate social responsibility.Most of the existing studies start with the existence,number and proportion of female directors,and discuss the financial or social benefits they bring to enterprises.At present,some researches begin to realize that some individual characteristics of female directors will have an impact on them,such as age,education background and working background.In the world,the value that political relations can bring to enterprises has always been the focus of attention.The political background of female directors,as one of their many professional backgrounds,is an important and scarce resource for enterprises.Once the introduction of female directors with various political work experience,it will bring certain relationship resources to the company.The female directors with political background have the dual characteristics of "political connection " and "female directors".At present,there is a lack of theoretical and practical attention to their possible financial and social benefits.In this paper,the net cash flow of operation which is not easy to be manipulated is selected as the financial performance measurement index,and the social contribution value per share is selected as the social performance measurement index.For the research on the relationship between the political background of female directors and the financial and social performance of enterprises,this paper not only studies the influence of the political background of female directors on enterprises,but also makes a comprehensive analysis from the different types and levels of political background of female directors.The definition of political background is that female directors have been or are currently deputies to the National People's Congress,members of the CPPCC,or hold positions in central and local government departments.Furthermore,the political background of female directors is divided into the political background of government officials and the political background of representative committee members.The political background of female directors is classified according to the rank from the provincial level to the level below the Deputy level of the township section,and the assignment from high to low is 8 to 1.This paper takes 2015-2017 as the research area,takes the listed companies of A shares in Shanghai and Shenzhen stock markets as the research object,and uses the two-way fixed effect of the panel to study,and draws the following conclusions:Different types of political backgrounds of female directors have different effects on financial performance and social performance.In terms of financial performance,the overall political background of female directors has no significant impact on the financial performance of enterprises;the negative correlation between the political background of representative members and financial performance is not significant;the political background of government officials has a significant positive impact on the financial performance of enterprises,and the higher the level of government officials,the better the financial performance.According to the nature of property rights,after the listed enterprises are divided into state-owned enterprises and private enterprises,the two kinds of political backgrounds and levels of female directors in state-owned enterprises have no significant impact on financial performance.In terms of social performance,the overall political background of female directors has no significant impact on the social performance of enterprises;there is no significant correlation between the two types of political background of female directors and the social performance of enterprises.Among them,the political backgrounds and levels of representative committee members have a negative impact on the performance of corporate social responsibility,and the political backgrounds and levels of government officials play a certain role in promoting the performance of corporate social responsibility.