  This study investigates the impact of female leadership on the financial
constraints of firms, which are publicly listed entrepreneurial enterprises in
China. Utilizing data from 938 companies on the China Growth Enterprise Market
(GEM) over a period of 2013-2022, this paper explores how the female presence
in CEO positions, senior management, and board membership influences a firm's
ability to manage financial constraints. Our analysis employs the
Kaplan-Zingales (KZ) Index to measure these constraints, encompassing some key
financial factors such as cash flow, dividends, and leverage. The findings
reveal that companies with female CEOs or a higher proportion of women in top
management are associated with reduced financial constraints. However, the
influence of female board members is less clear-cut. Our study also delves into
the variances of these effects between high-tech and low-tech industry sectors,
emphasizing how internal gender biases in high-tech industries may impede the
alleviation of financing constraints on firms. This research contributes to a
nuanced understanding of the role of gender dynamics in corporate financial
management, especially in the context of China's evolving economic landscape.
It underscores the importance of promoting female leadership not only for
gender equity but also for enhancing corporate financial resilience.
