女性董事对现金持有调整的影响研究
The Impact of Female Directors on Cash Holding Adjustment
DOI: 10.12677/mm.2025.1512320, PDF,   
作者: 林清清, 李霁友*：东华大学旭日工商管理学院，上海
关键词: 女性董事；现金持有；动态调整；Female Directors； Cash Holdings； Dynamic Adjustment
摘要: 目前，全球董事会性别多元化进程虽取得一定进展，但仍面临显著挑战。中国上市公司女性董事相较于全球平均水平仍有较大差距，且女性在关键职位中的代表比例更低。但女性董事通过其独特的风险规避倾向、审慎决策风格及强化监督动机，积极参与公司治理并发挥多维度作用。因此，本文以中国资本市场为背景，选用2015~2024年A股上市公司作为样本，研究女性董事对现金持有调整的影响，以目标现金持有水平为界限进一步分析女性董事更侧重调整哪个方向的现金持有差异；细化地区、行业和内部治理环境的情形，研究不同情境下女性董事差异化的治理效能，丰富理论研究。
Abstract: The global trend towards gender diversity on corporate boards has seen progress, yet significant challenges persist. Female directors in Chinese listed companies remain significantly underrepresented compared to the global average, particularly in key leadership positions. However, through their distinct risk aversion, prudent decision-making, and strong monitoring incentives, female directors actively contribute to corporate governance in multiple dimensions. Against this backdrop, this study investigates the impact of female directors on cash adjustment speed in China’s A-share listed companies from 2015 to 2024. Using target cash holdings as a benchmark, we further analyze whether female directors exhibit a stronger influence on adjusting cash deficits or surpluses. The study also examines how their governance effectiveness varies across regions, industries, and internal governance environments, thereby enriching the theoretical understanding of their role.
文章引用：林清清, 李霁友. 女性董事对现金持有调整的影响研究[J]. 现代管理, 2025, 15(12): 155-165. https://doi.org/10.12677/mm.2025.1512320

参考文献

[1] Deloitte Southeast Asia (2025) Women in the Boardroom—A Global Perspective—8th Edition.
https://www.deloitte.com/southeast-asia/en/services/cxo-programs/perspectives/women-in-the-boardroom-global-perspective-eighth-edition.html
[2] 机构新闻-南开大学公司治理网-南开大学中国公司治理研究院. 中治院发布女性董事专题报告: 董事会多样性与可持续发展[EB/OL].
http://cg.org.cn/n/9834.html#, 2025-11-16.
[3] Chen, S., Ni, X. and Tong, J.Y. (2015) Gender Diversity in the Boardroom and Risk Management: A Case of R&D Investment. Journal of Business Ethics, 136, 599-621. [Google Scholar] [CrossRef] 
[4] Cumming, D., Leung, T.Y. and Rui, O. (2015) Gender Diversity and Securities Fraud. Academy of Management Journal, 58, 1572-1593. [Google Scholar] [CrossRef] 
[5] Gul, F.A., Srinidhi, B. and Ng, A.C. (2011) Does Board Gender Diversity Improve the Informativeness of Stock Prices? Journal of Accounting and Economics, 51, 314-338. [Google Scholar] [CrossRef] 
[6] Pekovic, S. and Vogt, S. (2020) The Fit between Corporate Social Responsibility and Corporate Governance: The Impact on a Firm’s Financial Performance. Review of Managerial Science, 15, 1095-1125. [Google Scholar] [CrossRef] 
[7] Bates, T.W., Kahle, K.M. and Stulz, R.M. (2009) Why Do U.S. Firms Hold So Much More Cash than They Used To? The Journal of Finance, 64, 1985-2021. [Google Scholar] [CrossRef] 
[8] Hambrick, D.C. and Mason, P.A. (1984) Upper Echelons: The Organization as a Reflection of Its Top Managers. The Academy of Management Review, 9, 193-206. [Google Scholar] [CrossRef] 
[9] Huang, J. and Kisgen, D.J. (2013) Gender and Corporate Finance: Are Male Executives Overconfident Relative to Female Executives? Journal of Financial Economics, 108, 822-839. [Google Scholar] [CrossRef] 
[10] Adams, R.B. and Ferreira, D. (2009) Women in the Boardroom and Their Impact on Governance and Performance. Journal of Financial Economics, 94, 291-309. [Google Scholar] [CrossRef] 
[11] Liu, Y., Wei, Z. and Xie, F. (2014) Do Women Directors Improve Firm Performance in China? Journal of Corporate Finance, 28, 169-184. [Google Scholar] [CrossRef] 
[12] Srinidhi, B., Gul, F.A. and Tsui, J. (2011) Female Directors and Earnings Quality. Contemporary Accounting Research, 28, 1610-1644. [Google Scholar] [CrossRef] 
[13] Levi, M., Li, K. and Zhang, F. (2014) Director Gender and Mergers and Acquisitions. Journal of Corporate Finance, 28, 185-200. [Google Scholar] [CrossRef] 
[14] 况学文, 陈俊. 董事会性别多元化、管理者权力与审计需求[J]. 南开管理评论, 2011, 14(6): 48-56.
[15] Kahneman, D. and Tversky, A. (1979) Prospect Theory: An Analysis of Decision under Risk. Econometrica, 47, 263-292. [Google Scholar] [CrossRef] 
[16] Harford, J., Mansi, S.A. and Maxwell, W.F. (2008) Corporate Governance and Firm Cash Holdings in the Us. Journal of Financial Economics, 87, 535-555. [Google Scholar] [CrossRef] 
[17] Wan Ismail, W.A., Kamarudin, K.A., Gupta, N. and Harymawan, I. (2022) Gender Diversity in the Boardroom and Corporate Cash Holdings: The Moderating Effect of Investor Protection. Risks, 10, Article 60. [Google Scholar] [CrossRef] 
[18] Bates, T.W., Chang, C. and Chi, J.D. (2018) Why Has the Value of Cash Increased over Time? Journal of Financial and Quantitative Analysis, 53, 749-787. [Google Scholar] [CrossRef] 
[19] Opler, T. (1999) The Determinants and Implications of Corporate Cash Holdings. Journal of Financial Economics, 52, 3-46. [Google Scholar] [CrossRef] 
[20] Aier, J.K., Jo, E.H. and Lee, J.W. (2024) Female Directors and Cash Holdings Adjustment: Evidence from South Korea. Accounting & Finance, 64, 4217-4249. [Google Scholar] [CrossRef] 
[21] 连玉君, 彭方平, 苏治. 融资约束与流动性管理行为[J]. 金融研究, 2010(10): 158-171.
[22] Choi, H. and Suh, J. (2015) Investment Financing: Evidence from Korea. Accounting & Finance, 57, 147-184. [Google Scholar] [CrossRef] 
[23] Byoun, S. (2008) How and When Do Firms Adjust Their Capital Structures toward Targets? The Journal of Finance, 63, 3069-3096. [Google Scholar] [CrossRef] 
[24] Jiang, Z. and Lie, E. (2016) Cash Holding Adjustments and Managerial Entrenchment. Journal of Corporate Finance, 36, 190-205. [Google Scholar] [CrossRef] 

为你推荐