CAJ | 학술논문

投资决策是企业重要的战略和财务决策之一，本文选用沪深A股上市公司2009～2011年的数据为样本，把经济周期不同阶段作为调节变量，实证分析女性领导者的背景特征对企业过度投资现象的影响。研究结果表明，从总体来看，女性领导者可以有效抑制企业过度投资行为。但在经济周期的不同阶段，女性领导者对抑制过度投资影响的效果并不相同。当经济形势低迷或动荡的情况下，年龄越大，学历越高的女性领导者可以更好地减少企业过度投资行为，规避投资风险并提高投资效率，但在经济复苏时期却没有明显效果。这不仅拓展了现有研究文献，同时对于企业挑选合适的高层管理者，制定合理的投资决策以及拓宽女性的职业道路，也具有重要的理论和现实意义。
투자결책시기업중요적전략화재무결책지일，본문선용호심A고상시공사2009～2011년적수거위양본，파경제주기불동계단작위조절변량，실증분석녀성령도자적배경특정대기업과도투자현상적영향。연구결과표명，종총체래간，녀성령도자가이유효억제기업과도투자행위。단재경제주기적불동계단，녀성령도자대억제과도투자영향적효과병불상동。당경제형세저미혹동탕적정황하，년령월대，학력월고적녀성령도자가이경호지감소기업과도투자행위，규피투자풍험병제고투자효솔，단재경제복소시기각몰유명현효과。저불부탁전료현유연구문헌，동시대우기업도선합괄적고층관리자，제정합리적투자결책이급탁관녀성적직업도로，야구유중요적이론화현실의의。
Investment decision is one of the important strategic and financial decisions. With the development of economy, overinvestment are growing. Few papers find the background of leaders is significantly related to in- vestment and previous studies have focused more on financial management. Meanwhile, the subject of demographic has merged with that of theory of management, researchers started learning managers＇ investment behavior from perspective of both sides. But researchers has not reached in a final conclusion about investors＇ behavior. With the continuous improvement of the social status and educational level of female, more and more women become business managers. They have impacted on many aspects of their corporate such as financial performance, management culture, allocation of portfolio assets and so on. Psychological and physiological studies show that women are more patient, careful and cautious. Therefore women leader may can make smaller investment than men. But so far the studies of female manager＇ s investment behavior are still inadequate. Therefore, using A-share listed companies from 2009 to 2011, this paper, based on different stages of econom- ics cycle, studies the influence of backgrounds of female leaders of corporate on firm overinvestment. In this way, there are two hypotheses in this research. First female than male leaders make less overinvestment. Second in dif- ferent economics stages, the outcomes of reducing overinvestment by female leaders are quite different. Third there are significant relationships among overinvestment and background variables of female leaders such as scales, age and educational level. The results shows that firms, in general, with female leader are more likely to reduce overinvestment. Howev- er, the outcomes of restraining overinvestment by female leaders are quite different in each stage of economic stage. During the economic recession, women leaders can inhibit over-investment significantly. However, this phenome- non barely arises in economic recovery. Based on further investigation, under the circumstance of economic recession, older female leaders tend to in- vest conservatively since they are experienced. Meanwhile, female leaders with higher educational background are able to correctly analyses information, efficiently hedge risk, and rationally make investments. Hence, the over-in- vestment will be effectively reduced. However, the previous research cannot reach the same conclusion during eco- nomic resurgence period. For the above conclusions, this paper makes the following recommendations from the individual, enterprise, national three levels. Firstly, women leaders have many advantages. Female leaders should improve self-confidence and work positively. Secondly enterprises should avoid the stereotype and promote women to become leaders appro- priately. Especially, our current economic situation is not optimistic, female leader can reduce overinvestment and improve efficiency of capital. Finally, government should improve relevant laws to motivate female efficiently and extend them career. These investigations will help company make investment lower risks and improve investment efficiency. They will also help enterprises to choose top executives more wisely, make investments decisions more reasonable, and provide female employees broader career. Due to the limited data, the investigation still to be improve. But we be- lieve this paper is an important step in studying the relationship between overinvestment and the background of lead- er and it will lay a solid foundation for future research.