Ampirical Research On The Influence Of The Proportion Of Female Executives On Corporate Financing

An excellent senior management team is one of the key factors for a company to achieve sustainable competitiveness.Their existence can drive the rapid and healthy development of the company.Therefore,the organization of an experienced senior management team with excellent decision-making ability is a key step for a company to make successful strategic decisions.In today’s society,with the development of economy and the progress of social ideology,women are playing an increasingly important role in the workplace.As the proportion of female executives in enterprises has been increasing in the past decade,the role and influence of female executives in the daily operation of enterprises has gradually attracted extensive attention from researchers of all walks of life.Female decision makers are different from male decision makers in many aspects,and different characteristics have different effects on each link of enterprise operation and decision making.For example,in terms of daily decision making,the most prominent characteristics are the awareness of risk aversion and conservative style of decision makers,and whether they have the psychological characteristics of overconfidence.For example,women are more likely to find a job with stable pay,and even if they work in risky industries,their work style is more conservative than men’s.Female executives are more risk averse than men.Other studies have shown that women are significantly less confident than men in making investment decisions and are more risk averse in the lottery market.Women’s choices are also more robust than men’s when it comes to allocating wealth,and so on.In short,in the study of female executives,based on psychological and higher-order theories such as women’s risk aversion,this paper discusses and studies the relationship between the proportion of female executives and the choice of corporate financing methods and its influencing mechanism.And hope not limited to the narrow definition of job positioning,more consider all the female executives who are likely to participate in business decision-making.To simplify the analysis,this paper assumes that enterprises can only choose one of the financing methods.That is,there is a so-called "you or me" relationship between the financing methods of enterprises.Finally,empirically analyze the influence of the proportion of female executives on the choice of corporate financing methods,and further analyze and discuss the data of state-owned enterprises.Finally,the following conclusions are drawn:the higher the proportion of female executives in an enterprise,the more likely the enterprise is to use the non-debt financing method with lower risk for financing,and the female non-independent directors are also inversely correlated with the asset-liability ratio under certain conditions.It is hoped that enterprises in different industries can build and optimize the top management team according to their subjective needs,take full account of the positive influence of women in the enterprise,and make the top management team play its full role.It is hoped that enterprises can improve their operation and financing efficiency by optimizing the top management team.