CEO性别、产权性质与公司过度投资行为

摘要

As the top decision makers of companies, CEOs control resource allocation rights and the core investment decision-making rights, and the gender will have an important impact on corporate investment behavior as one of the most important personal characteristics.Based on the data of Chinese A-share listed companies, this paper studies the impact of CEO gender on company's excessive investment behavior.It is found that female CEOs can reduce the degree of excessive investment in state-owned listed companies to a certain extent, but no evidence shows that female CEOs can reduce that of non-state-owned listed companies.Furthermore, there is no evidence that CEO gender can have an important impact on company's over-investment tendency.This paper expands the research on the executive background characteristics and corpo-rate investment behavior research, and has important theoretical and practical implications for the understanding of company's excessive investment behavior by executives of different gender, and the impact of different property rights system on micro-scopic main bodies'economic behaviors, as well as the impact of the gender of executives on individual economic behaviors.%CEO作为公司最高决策者,控制着资源配置权及处于核心地位的投资决策权,性别作为其最重要的个人特征之一,会对公司投资行为产生重要影响.本文基于中国A股上市公司样本数据,研究CEO性别对公司过度投资行为的影响,结果显示,女性CEO可以在一定程度上降低国有上市公司的过度投资程度.同时,CEO性别未对公司的过度投资倾向产生重要影响.本文拓展了现有高管背景特征和公司投资行为方面的研究,对于认识公司不同性别高管的过度投资行为,以及不同产权制度对微观主体或个体经济行为的影响,均具有重要的理论与现实意义.