董事会性别多元化与股价信息含量

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摘要董事会性别多元化是全球治理改革的中心话题,文章研究了董事会性别多元化对股价信息含量的治理效应。结果发现：（1）董事会性别多元化的公司股价反映了更多公司层面信息；（2）公司盈余质量较差的环境下,董事会性别多元化与股价信息含量之间正相关关系较强,表明在信息环境较差的情况下,任命更多的女性董事能够部分修正信息环境较差的后果。（3）机构投资者持股比例越高,董事会性别多元化对股价信息含量积极效果越显著。

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	叶继英

关键词 ：女性董事, 多元化, 股价信息含量, 盈余质量, 公司治理

Abstract：Gender based diversity of the board is a central theme in the efforts of governance reform worldwide. This paper examines the effects of gender based diversity of the boards on the quality of informativeness of stock prices. The results show that: (1) stock prices of firms with gender-diverse boards reflect more firm-specific information. (2) There is stronger positive link between gender diversity in the corporate boards and information reflected by stock prices when the quality of earnings is lower. This suggests that firms with weak information environment could partially correct it by appointing more female directors. (3) When the institutional investors hold greater stock ownership, the association of more female directors and the greater information reflected through stock price is stronger.

Key words： female members of the board of directors diversity availability of information relating to stock prices quality of earnings corporate governance

C913.2

作者简介: 叶继英（1979-）,女,中南财经政法大学会计学院博士生、讲师。研究方向：公司财务、公司治理。

引用本文:

叶继英. 董事会性别多元化与股价信息含量[J]. 妇女研究论丛, 2014, 0(1): 96-106. YE Ji-ying. Gender Based Diversity of the Board and the Availability of Information in Relation to Stock Prices. , 2014, 0(1): 96-106.

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https://www.fnyjlc.com/CN/ 或 https://www.fnyjlc.com/CN/Y2014/V0/I1/96

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