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本文旨在剖析女性董事对大股东与管理层“掏空”行为的影响,从而为女性董事在公司治理中的监督作用提供证据。基于此,本文从女性董事参与公司治理的角度进行理论分析并提出假设,选取2009-2012年沪深两市上市公司为研究对象,搜集整理了上市公司年报中披露的相关信息及数据,实证研究发现女性董事比例与董事会行为、信息披露、公司绩效及控股股东行为正相关,即对中小投资者利益起到了保护作用。
The purpose of this paper is to analyze the impact of female directors on the behavior of “hollowing out” the major shareholders and the management, so as to provide evidence for the supervisory role of female directors in corporate governance. Based on this, this paper analyzes the theory and puts forward hypotheses from the perspective of female directors’ participation in corporate governance, selects the listed companies in Shanghai and Shenzhen stock exchanges for the period of 2009-2012 as the research object, collects relevant information and data disclosed in the annual reports of listed companies, and empirically studies It is found that the proportion of female directors is positively correlated with the behavior of the board of directors, information disclosure, corporate performance and controlling shareholder behavior, that is, it plays a protective role for the interests of small and medium-sized investors.