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文章以2001—2013年的A股上市公司为样本,以CEO变更为切入点,通过双重差分模型识别女性CEO上任对企业投资水平的影响。实证结果表明,女性CEO上任显著降低了企业的投资水平,并且这种抑制作用在国有企业中更加明显。文章从行为金融学的角度,为转型市场和新兴经济体背景下更好地理解公司的投资行为、完善经理人市场具有一定的启示意义。
Taking the A-share listed companies from 2001 to 2013 as a sample, this article takes the change of CEO as the starting point and uses the double-difference model to identify the influence of the female CEO on the firm’s investment level. Empirical results show that the employment of female CEO significantly reduces the level of investment in enterprises, and this inhibitory effect is more obvious in state-owned enterprises. The article from the behavioral finance perspective, for the transition market and emerging economies to better understand the background of the company’s investment behavior, improve the market manager has some enlightenment.