公司最高决策者教育背景与公司风险承受关系的实证研究被引量：2

An Empirical Study on the Relationship between the Educational Background of Top Decision Makers and Their Corporate Risk Tolerance in China

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摘要公司最高决策者的教育背景对公司风险承受水平有着重要影响。本文以2003年-2012年上海、深圳交易所的上市公司为研究样本,实证检验了我国上市公司最高决策者(董事长)的教育背景与其公司风险承受水平的关系。研究发现:最高决策者受教育程度越高,公司盈余波动性和资产负债率越低,风险管理和承受能力越强。普通高等教育模式下培养的最高决策者比职业教育模式下培养的最高决策者风险规避态度更强,两者管理的公司风险承受水平有显著差异。研究证明了教育对风险决策产生显著影响,这一结论有助于加深对教育投资与回报的理解,对公司管理优化也有重要理论意义。 Educational background of top decision makers in tolerance level. Using a sample set of listed companies in Shanghai corporation has important influences on corporate risk and Shenzhen Stock Exchange from 2003 to 2012, we document a significant negative correlation between top decision makers＇ education level and their corporate risk tolerance. Corporations run by more highly educated decision makers were found to have lower earnings volatility and asset-liability ratio, and higher risk management and tolerance capacity. We also found a significant difference between top decision makers under different educational patterns. Top decision makers with higher education background are more risk averse than those who have vocational education background. This study implicates that education has significant influence on risk decision. Moreover, it contributes to deep understanding of educational investment and return, and has important theoretical significance on optimizing corporate management.

作者王永海周为

机构地区武汉大学教育科学学院

出处《教育与经济》 CSSCI 北大核心 2013年第6期30-35,共6页 Education & Economy

基金教育部哲学社会科学研究重大课题攻关项目"国家经济安全与我国金融审计制度创新研究"(项目批准号:10JZD0019)的阶段性研究成果

关键词最高决策者教育背景风险偏好风险承受水平 top decision maker educational background risk preference risk tolerance level

分类号 F08 [经济管理—政治经济学] G40-054 [文化科学—教育学原理]

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