CAJ | 학술논문

以2000-2009年中国证券市场A股上市公司为研究样本，实证检验了女性董事对于经营业绩的影响。在控制了女性董事与经营业绩之间的内生性关系后，研究发现总体上女性董事显著降低了企业经营业绩。当进一步将女性董事区分为女性非独立董事和女性独立董事后，经验证据显示，女性非独立董事损害了经营业绩，而女性独立董事有助于经营业绩的提升。无论在国有企业还是民营企业，这一结论均成立。
이2000-2009년중국증권시장A고상시공사위연구양본，실증검험료녀성동사대우경영업적적영향。재공제료녀성동사여경영업적지간적내생성관계후，연구발현총체상녀성동사현저강저료기업경영업적。당진일보장녀성동사구분위녀성비독립동사화녀성독립동사후，경험증거현시，녀성비독립동사손해료경영업적，이녀성독립동사유조우경영업적적제승。무론재국유기업환시민영기업，저일결론균성립。
As women＇s social status is promoted gradually, how female directors influence operation performance is becoming a focus. Using listed companies in China＇s A-share stock market from 2000 to 2009 as samples, this article tests female directors＇ impact on performance empirically. After controlling the endogeneity issue of female directors and performance, we find that female directors decrease enterprises＇ performance significantly in general; furthermore, when female directors are divided into non-independent and independent ones, empirical results show that female non-independent directors harm the performance, but female independent directors are conducive to the advance of performance. The results above are true regardless of state owned enterprises（SOEs） or non-SOEs.