随着经济发展与社会进步，近年来企业高管中出现更多女性身影。“她力量” 逐渐成为公司决策中不可忽视的一部分，同时备受社会和学界关注。然而学术界关于女性加入企业管理层对公司价值的影响结论仍存在分歧，并且少有文献聚焦在影响机制上。本文以高管性别对公司价值影响为切入点，对过度投资和掏空效应两种影响途径进行检验，探讨女性对公司治理的影响。并进行以女性职场自我认知为核心的异质性检验。在研究方法上，本文首先回顾了现有文献，再基于过往研究结论与相关理论基 础进行推理分析，提出本文研究假设。实证检验采用 2011-2021 年我国 A 股上市公司数据，检验女性高管对公司价值的影响。本文检验女性对公司治理可能产生的影响:第一，由于女性相较于男性更加厌恶风险，减少了公司的过度投资行为，从 而提升公司价值;第二，女性高管因为性格更加谨慎和道德感更强的特点发挥了监督功能，抑制了大股东对于中小股东的利益侵占，从而提升公司价值。本文分别对这两种途径进行检验，明确了女性高管对提升公司价值的作用机制。异质性检验从社会环境出发，分组检验影响女性职场自我认知的三个潜在因素:地区经济发展水平、家族企业和性别优势行业。本文运用替换解释变量、工具变量法、倾向匹配法、 双重差分法和安慰剂检验，缓解内生性问题，验证了结论的稳健性。本文结论如下:第一，管理层性别多样性确能抑制企业过度投资和减少大股东掏空效应，并且能够提升公司价值。第二，女性高管对公司价值的提升作用更显著地表现在经济发达地区的企业、家族企业和女性存在优势的行业。本文的研究拓展了女性高管对公司治理影响的研究，对提高管理团队异质性 提供了经验证据的支持。根据理论研究和实证检验提出以下建议:(1)建议国内研究人员增加对管理层性别的关注度;(2)企业应该注重培养女性领导力，提升女性职场和社会地位;(3)政府加大基础教育性别平等力度，给更多女性平等教 育机会，从而促进职场性别平等。

With economic development and social progress, in recent years, more and more women have appeared among corporate executives. "Her Power” is becoming an integral part of corporate decision-making and is attracting much attention from society and academia. However, there are still divergent findings in the domestic and international literature on the impact of women‘s participation in corporate management on corporate value, and few literatures focuses on the impact mechanisms. This paper takes the impact of executive gender on corporate value as an entry point, tests the two impact channels of over-investment and tunneling effects, explores the impact of women on corporate governance, and conducts a heterogeneity test centered on women‘s self-perception in the workplace.In terms of research methods, this paper reviews the current existing literature, and conducts analysis based on past research conclusions and related theoretical foundations and then states the research hypothesis. The empirical test uses the data of China’s A- share listed companies from 2011 to 2021 to test the impact of female executives on company value and examine the possible impact of women on corporate governance. First, because women are more risk-averse than men, they reduce the company’s over- investment behavior and thus enhance the company’s value; second, because of their more cautious and moral character, female executives play the supervisory role, restraining large shareholders from encroaching on the interests of small and medium shareholders, thereby enhancing the company‘s value. The heterogeneity test starts from the social environment, and tests three potential factors that affect women‘s self- perception in the workplace in groups: regional economic development level, family business, and gender-dominant industries. This paper uses replacement explanatory variables, instrumental variable method, difference in difference method, propensity score matching method, and placebo test to alleviate the endogeneity problem and verify the robustness of the conclusion.The conclusions of this paper are as follows: first, gender diversity in management can indeed enhance corporate value, and it may come from two ways: inhibiting corporate over-investment and reducing the tunneling effect of major shareholders. Second, the roleof female executives in enhancing corporate value is more prominent in enterprises in economically developed regions, family businesses, industries where women have advantages.The research in this paper extends the study of the economic consequences of female executives in corporate decision making and provides empirical evidence to support the enhancement of managerial heterogeneity. It also makes the following recommendations for theoretical research and empirical testing: (1) it is recommended that domestic researchers increase their attention to gender in management; (2) companies should focus on developing female leadership and improving the status of women in the workplace and society;(3) the government should increase gender equality in basic education and give more women equal educational opportunities.