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政治关联和女性高管是民营企业研究中广泛讨论的经济现象。关于两者对民营企业过度投资的影响,已有研究过多关注了政治关联的作用,忽视了女性高管因素的影响。文章首次将两种典型现象相联系,探究了女性高管是否会抑制政治关联企业的过度投资这一问题。选取上市家族企业作为民营企业代表性样本,基于国泰安(CSMAR)数据库2003~2013年沪深A股上市家族企业数据,研究发现:(1)政治关联强度提升会增强上市家族企业过度投资;(2)女性高管比重提高会降低上市家族企业过度投资;(3)综合考虑两者的共同影响,女性高管可以缓解政治关联导致的上市家族企业过度投资。研究结论拓展了对家族企业中同时存在政治关联和女性高管双因素共同影响下经济后果的理论认识,并为家族企业寻求政治关联和平衡高管性别构成提供有益启示。
Political affiliations and women executives are widely discussed economic phenomena in private enterprise research. As for the impact of the two on overinvestment in private enterprises, much attention has been paid to the role of political linkages and neglect of the influence of female executives. For the first time, the article links two typical phenomena and explores whether female executives will restrain the over-investment in political affiliates. Based on the CSMAR data from 2003 to 2013, the author finds that: (1) The increase of the political connection intensity will increase the over-investment of listed family-owned enterprises; ( 2) The increase of the proportion of female executives will reduce the over-investment of listed family-owned enterprises; (3) Considering the combined effect of both, female executives can ease over-investment of listed family-owned enterprises caused by political connection. The conclusion of the study expands the theoretical understanding of the economic consequences under the simultaneous two-factor influence of the political affinities and the female executives in the family-owned enterprises, and provides useful enlightenment for the family business to seek the political connection and balance the gender composition of the senior executives.