研究：有女兒的風險投資人的投資成功率更高

RICHARD NESBITT, a former chief operating officer at the Canadian Imperial Bank of Commerce, has long been an evangelist for women in business. In 「Results at the Top」, a book he wrote with Barbara Annis, he describes his efforts to convince men to promote women. When speaking to bosses, he stresses data showing that companies with more senior women are more successful. But he has noticed that men with daughters tend to be more receptive to his message. At least for venture-capital (VC) firms, recent research confirms this observation, as well as the assertion that gender diversity boosts performance.

里查德·內斯比（Richard Nesbitt）曾任加拿大帝國商業銀行的首席運營官， 一直支持商界從業女性的權利。在與芭芭拉·安妮（Barbara Annis）合著的《頂級成就》（Results at the Top）一書中，他講述了自己為了讓男性給女性升職而做過的各種努力。在與各家企業負責人的交流過程中，他強調，有數據顯示，一家有更多女性高管的企業會更為成功一些。不過，他也指出，有女兒的男性對他的這種觀點更有認同感。至少對於風投機構來說，最新的一項研究支持這種觀點，同時還聲稱性別多樣性會提升企業業績表現。

Paul Gompers and Sophie Wang at Harvard University wanted to determine whether VC firms with more women managers do better. Answering this question is tricky—firms that hire more women may have other characteristics that lead to success. VC-investing remains a predominantly male activity. In the authors』 sample of 988 VC funds in 301 firms, around 8% of new hires were women. Very few firms hired more than one woman manager (see chart). Managing partners who hire more women may be less hidebound by convention—a good trait for someone investing in innovative technologies. The authors needed a way to measure the impact of women on success independent of other factors. Ideally, a random factor would influence the number of women hired by a firm. The authors looked at the number of daughters among partners』 children.

哈佛大學的保羅·甘普士（Paul Gompers)和蘇菲·王（Sophie Wang）希望能證明在有更多女投資經理的風投機構里，業績是會更好。對於這個問題的答案，很模稜兩可——女員工更多的機構擁有一些其他的特點，也能讓機構走向成功。在兩位研究人員從301家風投機構里提取的988個風投基金樣本中，大約有8%的新招員工是女性。在風投機構里，有一位以上的女投資經理人的機構很少（見圖）。會招更多女員工的執行合作人可能不太受成見的約束——對投資創新技術的投資人來說，這是一種好的性格特徵。兩位研究人員要找到一種辦法，衡量女性對投資成功的影響，並能區別於其它的因素。在理想狀態下，不同的因素會影響企業招收女性員工的數量。兩位研究人員研究了合伙人的子女中女兒的數量。

Parenthood changes perspectives. VC partners with one extra daughter rather than an extra son employed on average almost two percentage points more women managers. This led to a 24% higher probability that a firm would have a senior female manager. The researchers reasoned that a link between daughters and success could be attributed to a greater number of women managers.

身為人父的狀態會對人的視野產生變化。在風投合伙人中，有一個女兒的合作人平均僱傭的女經理人的數量比有一個兒子的合作人多2%。這就使得一個風投機構有女高管的機率增加了24%。兩位研究人員的解釋是，有女兒與投資成功之間的關聯性得益於數量更多的女經理人。

A firm where a partner has an extra daughter rather than an extra son had a 2.9% higher chance that its deals would be a success (defined as an initial public offering or other profitable sale of a company the firm had backed). Such firms also have higher internal rates of return. Hiring women is indeed a sound business strategy.

在一個風投機構里，有女兒的合伙人的投資成功率比有兒子的高2.9%（成功的標準是投資的企業上市，或企業銷售的利潤額）。這種風投企業的內部投資回報率也更高。的確，招收女性員工是一個非常好的企業策略。

Mr Nesbitt notes that this finding matches one of the main arguments of his book. Gender diversity in business increases diversity of thought, which leads to better decisions. He adds that, on its own, the paper is unlikely to lead to more women in executive offices. To achieve that, men need not only to accept the case for women intellectually, but to acknowledge that they personally need to act to promote them. Ideally, that should not take the birth of a daughter.

內斯比強調，這個研究發現與他書中的主要觀點是一致的。企業內部的性別多樣性會提升思想觀念的多樣性，而這能實現決策更優。他還表示，從根本上來說，這篇研究報告不可能讓更多的女性走向高管的崗位。要實現這種情況，男性不僅需要從思想上接受針對女性的投資項目，同時也承認自己需要採取行動，提升女員工的職位。最為理想的是，這種情況應與是否生有女兒無關。

編輯：翻吧君

來源：經濟學人

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