股权集中度、高管性别的影响研究 I摘要本文基于2016-2022年中国A股上市公司数据，运用面板多元回归模型实证检验了股权集中度与高管性别特征对企业绩效的影响。</p>
研究发现：（1）股权集中度与企业绩效之间存在倒U型关系，适度的股权集中有利于提升企业价值，而过度集中的股权则会损害公司绩效；（2）高管团队中女性比例的提高对企业绩效没有显著影响，且高管性别与股权集中度之间不存在显著的交互效应；（3）在民营企业中，女性高管比例与企业绩效呈现出显著的负相关关系，但在国有企业中这一负向影响并不显著。
以上结论经过了一系列稳健性检验，包括替代变量、附加控制变量和分组回归等。
本文的研究结论为优化上市公司股权结构、完善中国特色职业经理人市场提供了经验证据和政策启示，对推进公司治理理论研究和深化资本市场改革具有重要意义。
关键词：股权集中度；高管性别；公司治理；企业绩效IAbstractUsingpaneldataofChina'sA-sharelistedcompaniesfrom2016to2022,thispaperempiricallyexaminestherelationshipbetweenownershipconcentration,executivegendercharacteristicsandfirmperformancebyemployingmultipleregressionmodels.Themainfindingsareasfollows:(1)ThereexistsaninvertedU-shapedrelationshipbetweenownershipconcentrationandfirmperformance.Moderateconcentrationofownershipisconducivetoenhancingfirmvalue,whileexcessiveconcentrationmayimpaircorporateperformance.(2)Increasingtheproportionoffemaleexecutivesintopmanagementteamshasnosignificantimpactonfirmperformance,andnosignificantinteractioneffectisfoundbetweenexecutivegenderandownershipconcentration.(3)Inprivateenterprises,theproportionoffemaleexecutivesissignificantlynegativelycorrelatedwithfirmperformance,butthisnegativeimpactisnotsignificantinstate-ownedenterprises.Theseconclusionsarerobusttoaseriesofchecks,includingalternativevariablemeasures,additionalcontrolvariables,andsubsampleregressions.ThefindingsofthisstudyprovideempiricalevidenceandpolicyimplicationsforoptimizingtheownershipstructureoflistedcompaniesandimprovingthemanageriallabormarketwithChinesecharacteristics,whichareofgreatsignificanceforadvancingtheresearchoncorporategovernancetheoryanddeepeningthereformofcapitalmarkets.Keywords：ownershipconcentration;executivegender;corporategovernance;firmperformance
