董事会是决定企业决策、企业治理水平的重要机构。如何改善董事会的结构特征提高董 事会决策质量、公司治理水平，进而提升企业绩效，一直是学者研究关注的重点。伴随经济 的快速发展、社会风气和观念的变化，更多的女性走入职场，并突破职场天花板，成为企业 的高层。女性参与董事会治理作为一个重要研究领域，逐渐成为国内外理论界和实业界备受 关注的课题。 目前国内外关于女性董事与企业绩效关系的研究多聚焦于女性董事参与度对企业绩效的 影响和女性董事人口特征（如年龄、学历等）对企业绩效的影响，实证研究的结果却并不完 全相同。鉴于更多的学者将女性董事参与度视为外生变量且忽略了行业特征，本文以2012— 2016年A股制造业上市公司作为样本，采用系统矩估计方法控制内生性，衡量了女性董事参 与度对企业绩效的影响，并从社会资本视角出发，研究了女性董事不同类型社会资本与企业 绩效的关系。实证研究结果表明：（1）女性董事参与度与企业绩效显著负相关，即女性参与 董事会治理损害了企业绩效；（2）从作用方式来看，女性董事社会资本有助于提升企业绩效。 但不同类型社会资本与企业绩效关系不同，即女性董事纵向社会资本和女性董事声誉与企业 绩效正相关，但不显著；女性董事横向社会资本有助于提升企业绩效。这一研究结果丰富了 国内关于女性董事与企业绩效研究，对企业如何发挥女性董事治理效应具有一定的意义。 关键词:女性董事，社会资本，企业绩效 II Abstract Theboardofdirectorsisanimportantinstitutiontodeterminethelevelofdecision-makingandcorporate governance.Howtoimprovethestructuralcharacteristicsoftheboardofdirectorstoimprovethequalityofboard decision-makingandcorporategovernance,andthusenhancecorporateperformance,hasalwaysbeenthefocus ofscholars'research.Withtherapiddevelopmentofeconomy,thechangeofsocialatmosphereandconcept,more andmorewomenentertheworkplace,breakthroughtheceilingoftheworkplaceandbecomeseniormanagersof enterprises.Asanimportantresearchfield,womenparticipationinboardgovernancehasgraduallybecomea topicofgreatconcerntobothdomesticandforeigntheoreticalandindustrialcircles. Atpresent,domesticandforeignstudiesontherelationshipbetweenfemaledirectorsandcorporate performancefocusontheimpactoffemaledirectors'participationoncorporateperformanceandtheimpactof femaledirectors'demographiccharacteristics(suchasage,education,etc.)oncorporateperformance,butthe empiricalresultsarenotidentical.Inviewofthefactthatmorescholarsregardfemaledirectors'participationas anexogenousvariableandneglectindustrycharacteristics,thispapertakeslistedA-sharemanufacturing companiesfrom2012to2016assamples,usesthemethodofsystematicGeneralizedMethodofMoments estimationtocontrolendogenesis,measurestheimpactoffemaledirectors'participationoncorporate performance,andstudiestherelationshipbetweenfemaledirectors’differenttypesofsocialcapitalandcorporate performance,fromtheperspectiveofsocialcapital.Theempiricalresultsshowthat:(1)femaledirectors' participationisnegativelycorrelatedwithcorporateperformance,thatis,femaledirectors'participationimpairs corporateperformance;(2)Fromtheperspectiveoffunctionmode,femaledirectors'socialcapitalhelpsto improvecorporateperformance.Buttherelationshipbetweendifferenttypesofsocialcapitalandenterprise performanceisdifferent.Verticalsocialcapitaloffemaledirectorsandreputationoffemaledirectorsarepositively correlatedwithcorporateperformance,butnotsignificantly.Horizontalsocialcapitaloffemaledirectorsis positivelycorrelatedwithcorporateperformance.Thisresearchenrichesthedomesticresearchonfemaledirectors andcorporateperformance,andhascertainsignificanceonhowtoexertthegovernanceeffectoffemaledirectors inenterprises. Keywords:femaledirectors,socialcapital,corporateperformance , III 目录 目录 第一章绪论........................................................................................................................................................................1 1.1选题背景与研究意义...........................................................................................................................................1 1.1.1选题背景....................................................................................................................................................1 1.1.2选题意义....................................................................................................................................................2 1.2研究内容和研究框架..........................................................................................................................................3 1.2.1研究内容....................................................................................................................................................3 1.2.2研究框架....................................................................................................................................................3 1.3研究方法和创新点...............................................................................................................................................4 1.3.1研究方法....................................................................................................................................................4 1.3.2创新点........................................................................................................................................................5 第二章文献综述................................................................................................................................................................6 2.1女性参与董事会的影响因素...............................................................................................................................6 2.2女性参与董事会对公司绩效的影响...................................................................................................................7 2.2.1国外研究现状............................................................................................................................................7 2.2.2国内研究现状............................................................................................................................................9 2.3国内女性董事背景特征与企业绩效关系研究.................................................................................................10 2.4企业内外部环境对女性参与董事会与企业绩效关系的调节作用................................................................11 2.5企业家社会资本与企业绩效的关系................................................................................................................13 2.5.1企业家社会资本内涵..............................................................................................................................13 2.5.2企业家社会资本的构成和衡量维度......................................................................................................14 2.5.3企业家社会资本与企业绩效的关系......................................................................................................16 第三章女性董事及其社会资本影响企业绩效的理论分析..........................................................................................18 3.1社会资本理论.....................................................................................................................................................18 3.2资源依赖理论.....................................................................................................................................................20 3.3利益相关者理论.................................................................................................................................................21 3.4委托代理理论.....................................................................................................................................................22 第四章女性董事及其社会资本与企业绩效的研究设计..............................................................................................24 4.1研究假设.............................................................................................................................................................24 4.1.1女性董事参与度................................................................