이사회 참여 여성의 학력 수준이 기업가치에 미치는 영향 : 중국 상장기업으로부터의 시사점

According to relevant research results, gender inequality of board members of companies not only brings operational risks to companies, but more importantly, it has a very negative impact on the company's operating results. Therefore, many countries have adopted a system to force the proportion of women in the board of directors, which is one of the effective means to enhance enterprise value. In Asia, women's participation in social and economic activities is relatively high in China, which is attributed to the support of China's economic reform and opening up policy and education reform policy. Especially in recent years, with the continuous improvement of the educational background of female board members, the role of female board members in the leading role of enterprise business decision-making has been paid more and more attention. Therefore, based on the data of Listed companies in China, this study takes female directors in the board of directors with the highest decision-making power of a company as the research object, and studies the relationship between female directors and corporate value, as well as the educational background of female directors and corporate value. Combined with the research results of Korean companies, new enlightenment is proposed. The results: First, the results of the study confirm the previous research that the higher the proportion of female directors as the top decision- makers of companies, the higher the value of companies. Second, it confirms that the higher the educational level of women participating in board management activities, the higher the value of the company. Third, the degree of women participating in board management activities has a reinforcing effect on women's board participation and company value; Fourthly, the research results of enterprise type show that compared with manufacturing industry, female directors in non-manufacturing industry show (+) strengthening effect on companies value; Fifth, the results of enterprise size research show that compared with small companies, female directors in large companies show a (+) strengthening effect on companies value. This result indicates that not only the participation of female directors, but also the level of decision-making power of female directors will have a significant impact on the value of a company. According to the results of this study, increasing the proportion of highly educated female directors in non-manufacturing and small and medium companies through the corporate system will have a profound impact on the value of the company.