CEO背景特征对公司风险承担的影响研究

以我国沪、深两市上市公司为研究对象,深入研究了CEO背景特征对公司风险承担的影响。研究表明:CEO年龄越大,越为保守和回避风险,倾向于降低公司风险承担;CEO任期越长,其专用性人力资本和管理防御程度越高,公司风险承担水平越低;CEO教育程度与公司风险承担显著负相关,当CEO在其他单位兼职时,公司风险承担水平相对较低。而CEO性别、职称对公司风险承担并没有显著的影响。文章为我们更好地理解上市公司的风险承担行为及CEO等高管的选拨与任命具有一定的启示意义。

A Study on the Influence of the Personal Background Features of CEOs upon Corporate Risk-taking

The article, taking a corporate-level dataset of the Chinese listed companies, studied the influence of the personal background features of CEOs upon corporate risk-taking. The results show that: the older the CEOs are, the more they are conservative and risk-averse, inclining to reduce the risks that corporate may take. The longer the CEOs tenures are , the higher the specific human capital and managerial entrenchment levels would be, while the lower the corporate risk taking levels would be. The educational levels of CEOs have significantly negative relationship to corporate risk-taking. When CEOs have concurrent positions in other organizations , the corporate risk-taking levels of their companies are relatively low. Meanwhile, the genders and professional titles of CEOs have no significant impact on corporate risk-taking. The article provides inspirations and enlightenments for the better understanding of the risk-taking behaviors and of the appointment of CEOs of listed companies.