臺灣博碩士論文加值系統

本文根據2006至2015年間中國上海證券交易所上市公司普通股A股(排除金融產業公司)的資料，檢驗董事會(長)與執行長之性別多樣性是否影響公司的資本結構，也就是負債與權益資金的相對比率。既有研究中指出具有女性董事的公司其股價較高、獲利較好、負債比率相對更低，主要原因是女性相較於男性較厭惡風險，心態與作為上相對保守。本研究基於女性相對於男性較為風險趨避的觀點，推論董事會/高管中的女性參與程度會使公司在進行融資行為時更為謹慎，相較於男性而言較不願意使用負債融資，因此公司的資本結構將傾向使用較少的負債，負債比率較低。董事會/高管的性別多樣性採用董事會是否具女性董事、女性董事人數、女性董事比率、董事長是否為女性以及公司執行長是否為女性進行衡量，而資本結構則採用負債比率、相對前一期負債比率的增加數以及是否增加的虛擬變數作為代理變數。實證結果顯示，就中國上海證券交易所的上市公司來看，董事會/高管的女性參與程度與負債比率呈負向關聯，女性參與程度愈高，使用負債的程度愈低，這一方面顯示董事會/高管中的女性參與有助於公司降低使用負債資金以降低破產風險，另一方面亦隱含女性會選擇負債水準較低的公司擔任董事或高階管理者。

Based on data of listed nonfinancial firms on the Shanghai Stock Exchange (SSE) covering the period of 2006~2015, this paper examines the linkage between gender diversity on corporate board/top management and firm’s capital structure in terms of debt ratio. While existing literature has indicated that board diversity has benefits as well as costs on company’s economic consequences, the relationship between board gender diversity and corporate’s financing decision, ranging equity financing toward debt financing. Existing studies showed that female tends to be more conservative and risk averse, thus board with greater gender diversity theoretically has lower tendency of using debt. To measure gender diversity of board and top management (CEO), this paper constructs binary, continued, and ratio measures of board of director and top management. The empirical result from multivariate regression estimation generally shows that gender diversity has weak evidence on firm’s reduce of using debt.

摘　要 I
ABSTRACT II
目錄 III
圖表目錄 IV
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 7
第三節 研究流程與架構 8
第貳章 文獻回顧 9
第一節 董監事與公司高管性別多樣性的發展 9
第二節 董監會性別多樣性的利益與成本 10
第三節 董監會性別多樣性與資本結構之關聯 14
第參章 樣本、變數與實證模型 16
第一節 變數衡量 16
第二節 實證模型 22
第三節 樣本與資料來源 23
第肆章 實證結果分析 24
第一節 敘述統計量與相關係數矩陣 24
第二節 迴歸分析結果 29
第伍章 研究結論 37
參考文獻 40

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