The Influence of Executives' Gender Differences in Listed Companies on Investment and Financing Decisions

摘要

This paperuse the private enterprises which listed in A-shares from 2009 to 2013 as samples to examine the influence of executives' (chairman, CEO, CFO) gender differences on investment decisions and financing preference. The results show: the impact of gender on the company's investment efficiency and M & A decision-making is not obvious, but if the listed company has female chairman, CEO or CFO, it will significantly slow the growth rate of company size and reduce the size of the company's external financing, a further selection of external financing shows female executives will be more inclined to choose equity financing, thereby reducing the company's debt to equity ratio. This study gives suggestions on the selection of new executives and optimizing the structure of the senior management team.