近年来由于女性高管的比例逐年递增，对女性高管管理行为的影响研究成为 了企业经济学研究领域的热门趋势。随着高阶梯队理论、女性关怀伦理学方面的 研究不断深入，已有大量研究发现企业中高层管理团队的性别结构发生变化，对 企业在制定慈善捐赠决策时的意见表决将产生重要影响，进而对企业绩效产生不 可忽视的影响。此外，我们发现虽然女性高管总量在不断增加，但实际上她们晋 升高管的门槛仍然很高，同时她们难以跻身领导班子，因此女性如何真正突破“玻 璃天花板”，迎来职场中的男女平等也是社会一直关注的重要问题。 为探究女性高管、企业捐赠与企业绩效三者之间的内在逻辑关联，以及企业 捐赠变量在女性高管与企业绩效的关系中起中介作用的可能性，本文选取我国 2010-2017 年 A 股上市公司为研究样本，在理论推导的基础上构建相应的数理模 型，通过最小二乘法、多元线性回归检验了女性高管、企业捐赠与企业绩效之间 的逻辑关系；通过逐步检验法和 Bootstrap 法检验了企业捐赠的中介作用。研究 结果表明：（1）高管团队女性比例和女性 CEO 对企业绩效的影响均为正向显著 的，即女性高管显著促进企业绩效提升；（2）高管团队女性比例和女性 CEO 对 企业捐赠均起显著的正向作用，即女性高管有利于提升企业的慈善捐赠水平；（3） 企业捐赠对促进企业绩效提升有积极影响；（4）高管团队中的女性成员能够通 过积极影响企业的捐赠决策来使企业绩效得到提升，但在女性 CEO 于企业绩效 的关系中企业捐赠并未起到中介作用。根据最终的研究结论，本文提出了如下相 关管理建议：（1）鼓励企业管理层性别多元化，开放女性高管的晋升渠道和晋 升空间；（2）提高女性高管地位和权力，激发女性高管的特质优势和管理才能； （3）提倡企业积极参与慈善事业，重视慈善捐赠的经济功能和战略作用。 本文的主要贡献在于：（1）从女性高管独有的关怀特质角度出发，将企业 捐赠作为重要的中介变量，考察了女性高管影响企业绩效的中间作用机制，该做 法不同于以往大多数研究中从女性风险规避、谨慎的特质角度出发，以影响企业 投资决策或并购决策作为解释路径，因此补充了已有研究的空白一角，为之后女 性高管的研究起到了铺垫和抛砖引玉的作用。（2）从女性高管的不同职位角度 出发，基于对比分析的方法，比较了高管团队女性成员和女性 CEO 对企业捐赠 决策和改善企业绩效的差异性影响，为女性高管在不同职位层级的管理工作表现 情况提供真实客观的证据，有助于打破女性职场隐形障碍，使企业根据自身所处 市场环境、发展阶段、企业文化，以及管理者个人能力适当配置高管成员。 关键词：女性高管；企业捐赠；企业绩效；中介作用II Abstract In recent years, as the proportion of female executives has increased year by year, the research on the management behavior of female executives has become a hot trend in the field of corporate economics research. With the deepening of the research on upper echelon theory and women's care ethics, a large number of studies have found that the number of female executives in the enterprise changes the gender structure of the senior management team, which is important for the decision of the enterprise when making charitable donation decisions. Voting opinions have an important impact, which in turn has a negligible impact on corporate performance. In addition, we found that although the total number of female executives is increasing, they are actually difficult to lead the leadership team. Therefore, how women truly break through the glass ceiling and greet the equality of men and women in the workplace is also an important issue that the society has been paying attention to. In order to explore the inherent logical relationship between female executives, corporate donations and corporate performance, and the possibility that corporate donation variables play a role in the relationship between female executives and corporate performance, this paper selects China 2010-2017 A-share listed company as the research sample, based on the theoretical derivation, the corresponding mathematical model is constructed, and the logical relationship between female executives, corporate donation and corporate performance is tested by least squares method and multiple linear regression, the mediation of corporate donation is tested by stepwise test and Bootstrap method. Effect. The results show that: (1) the proportion of women in the senior management team and the impact of female CEOs on corporate performance are positive. In general, female executives can significantly promote corporate performance; (2) the proportion of female executives and Female CEOs have a significant positive effect on corporate donations, that is, female executives are conducive to improving the level of charitable donations; (3) corporate donations have a positive impact on promoting corporate performance; (4) female members in the executive team It can promote the improvement of corporate performance by actively influencing corporate donation behavior. However, corporate donation does not play a role in the relationship between female CEO and corporate performance. Obviously, female CEOs improve their performance through other paths. According to the final research conclusions, this paper proposes the following suggestions: (1) Encourage the gender diversity of corporate management, open up the promotion channels and promotion space for female executives; (2) Enhance the status and power of female executives, and stimulate the traits and management skills of female executives; (3) Promote enterprises to actively participate in charity and pay attention to the economy of charitable donations. Functional and strategic role.III The main contributions of this paper are as follows: (1) From the perspective of the unique traits of female executives, corporate donation is an important intermediary variable, and the intermediate mechanism of female executives' influence on corporate performance is examined. From the perspective of women's risk aversion and cautious traits, the study influences corporate investment decision-making or M&A decision-making as an explanation path, thus supplementing the blank corner of existing research, which has paved the way for the research of female executives. (2) From the perspective of different positions of female executives, based on the comparative analysis method, compare the influence of female executives and female CEOs on corporate donation decisions and improve corporate performance, for female executives at different levels of positions. The management performance provides real and objective evidence, which helps to break the invisible obstacles in the female workplace, and enables the company to properly configure executives according to their market environment, stage of development, corporate culture, and individual managerial capabilities. Keywords: Female executives; corporate donation; business performance; mediating roleIV 目录 摘要...............................................................................................................................I ABSTRACT..................................................................................................................II 第 1 章 绪论..................................................................................................................1 1.1 研究背景与意义.................................................................................................1 1.1.1 研究背景......................................................................................................1 1.1.2 研究意义......................................................................................................3 1.2 国内外研究现状.................................................................................................5 1.2.1 国外研究现状..............................................................................................5 1.2.2 国内研究现状..............................................................................................8 1.2.3 文献述评....................................................................................................11 1.3 研究方法...........................................................................................................12 1.4 研究思路与研究框架.......................................................................................13 1.5 创新点与不足...................................................................................................14 1.5.1 创新点........................................................................................................14 1.5.2 不足之处....................................................................................................15 第 2 章 理论基础与研究假设的提出........................................................................16 2.1 理论基础...........................................................................................................16 2.1.1 高阶梯队理论............................................................................................16 2.1.2 女性关怀伦理学........................................................................................17 2.1.3 利益相关者理论........................................................................................18 2.1.4 声誉理论....................................................................................................19 2.1.5 战略慈善理论............................................................................................20 2.2 企业捐赠的中介作用机制分析.......................................................................21 2.3 研究假设的提出...............................................................................................23 2.3.1 女性高管与企业绩效................................................................................23 2.3.2 女性高管与企业捐赠................................................................................24 2.3.3 企业捐赠与企业绩效................................................................................25 2.3.4 女性高管、企业捐赠与企业绩效............................................................25 第 3 章 研究设计........................................................................................................27 3.1 样本选择和数据来源.......................................................................................27V 3.2 变量选择和变量测量.......................................................................................27 3.4 模型构建...........................................................................................................31 第 4 章 实证结果与分析............................................................................................33 4.1 描述性统计.......................................................................................................33 4.1.1 样本分布情况............................................................................................33 4.1.2 女性高管的行业分布情况........................................................................34 4.1.3 总体样本的描述统计................................................................................35 4.2 相关性分析.......................................................................................................36 4.3 回归分析...........................................................................................................37 4.3.1 控制变量对企业绩效的回归结果分析....................................................37 4.3.2 女性高管对企业绩效的回归结果分析....................................................39 4.3.3 女性高管对企业捐赠的回归结果分析....................................................40 4.3.4 企业捐赠对企业绩效的回归结果分析....................................................42 4.3.5 中介效应检验............................................................................................43 4.3.6 稳健性检验................................................................................................45 第 5 章 研究结论与建议............................................................................................46 5.1 研究的主要结论...............................................................................................46 5.2 管理建议...........................................................................................................48 5.3 研究局限性与展望...........................................................................................49