女性董事对上市公司大股东掏空的抑制作用

The Restraining Effect of Female Directors on Tunneling of Major Shareholders of Listed Companies

摘要: 选择2012~2020年间中国A股上市公司的数据，基于女性董事占总董事的比例视角，分析女性董事与大股东掏空两者之间的关系，以及当企业审计质量不同时这种影响效果的差异。结论发现：女性董事可以抑制上市公司大股东的掏空行为，且当公司的审计师来源于四大会计师事务所时这种作用比非四大审计师企业更显著。适当提高女性董事的比例，提高外部审计质量，才能使大中小股东的利益关系得到改善，使公司治理水平得到提高。

Abstract: Based on the data of Chinese A-share listed companies from 2012 to 2020, and from the perspective of the proportion of female directors in the total directors, this paper analyzes the relationship be-tween female directors and tunneling of major shareholders, as well as the difference of this impact effect when the audit quality of enterprises is different. The conclusion shows that female directors can inhibit the tunneling behavior of major shareholders of listed companies, and this effect is more significant when the auditors of the company come from the four major accounting firms than non four major auditor enterprises. Only by properly increasing the proportion of female directors and improving the quality of external audit can the interest relationship of large, medium and small shareholders be improved and the level of corporate governance be improved.