职工董事对企业财务杠杆水平的影响研究OACHSSCD

In the context of the reality that the employee director system in China is about to be popularised on a large scale,this paper conducts an empirical study on the economic consequences of employee directors from the perspective of corporate financial leverage decision-making,and the results of the analysis using the data of A-share listed companies in the period of 2018-2022 found that:the establishment of employee directors in the board of directors is able to increase the level of financial leverage of an enterprise.When the gender of employee directors is female,older,higher education can inhibit the increase in the level of financial leverage;Compared with state-owned enterprises and small-scale enterprises,employee directors of non-state-owned enterprises and large-scale enterprises are able to enhance the level of corporate financial leverage more significantly.These findings have important guiding significance for the construction of employee director system and the selection and appointment of employee directors in listed companies.