CEO基本特征对企业业绩-风险关系的影响——基于我国中小企业板上市公司的实证研究

The Influence of Enterprise Performance-Risk Relationships by CEO Basic Characteristics——The Empirical Study Based on the Data of Small and Medium-sized Board Listed Enterprises in Our Country

本文运用我国100家中小企业板上市公司数据,实证研究了企业CEO年龄、学历与任期这三个基本特征对企业业绩-风险关系的影响。结果表明,我国中小企业板上市公司业绩-风险之间存在U型关系;CEO三个基本特征中,年龄与任期均负向调节企业业绩-风险之间的关系,但学历对两者之间的关系不具有显著影响。此外,年龄轻且任期短的CEO,使得企业业绩-风险关系的程度最强;年龄长且任期短、年龄轻且任期长以及年龄长且任期长的CEO,使得企业业绩-风险关系的程度不具有显著的差异性,即CEO年龄长或任期长的特征,使其所具有的企业家才能得到补偿。本文的研究结论将为企业选拔与聘用具有何种基本特征的CEO,以实现获得较高业绩同时承担较低风险的战略目标,提供重要的理论借鉴与实践参考。

As the upper echelons theory represented, the enterprise can be regard as a reflection of the top managers. The CEO＇s personal characteristics affect their analysis tendency of the enterprise management environment and their ability to deal with problems, Considering these CEO choosing the competitive strategy and dealing with problems in the process, their characteristic affect the results of enterprise strategies which are reflected as the relationship of performance and risk. At present, our country small and medium-sized listed companies generally have the characteristics of income growth fast and strong profitability, they have become more and more important part in the economic development in our country. Small and medium-sized listed companies relative to the big enterprise, the organizational structure level is less, under the constraints of the organizational inertia is small; and most of the small and medium-sized listed companies are controlled by managers with strong management ability, enterprise chairman or CEO control the enterprise management, they decided the enterprise strategic ,financial and business performance. At the same time, the small and medium-sized enterprise is subject to the conditions of resources and information system processing power. Based on the above points, so the small and medium-sized listed compa- nies have a higher request to the CEO＇s management ability. As the previous researches showed, the CEO characteristics have the positive, negative or none influence on the company risk or performance, there is little research investigated the influence of the CEO characteristics effect on the relationship between corporate performance - risk. Measure the result of a business strategy is good or bad not only consider its performance or risk, for the two closely factors the performance and risk of the enterprise decision elements only to consider one aspect can not fully explain CEO characteristics for the meaning of enterprise management. Companies employ different characteristics of the CEO, they have different entrepreneurial talents, different entrepreneurial talents, they will make a different strategy. In addition, in the ability to analyze and solve problems will be have different, thus further affect the relationship between corporate performance - risk. The basic characteristics of the CEO have what kind of impact for the relationship between performance and risk in our country small and medium-sized enterprise？ What CEO＇s basic characteristics should be considered when the company selection and employment CEO candidates in order to obtain lower risk and higher performance？ These are the enterprises need to solve important problems. So this article is based on prospect theory system analysis the relationship between the corporate performancerisk, using the upper echelons theory deeply research the performance-risk relationships influenced by CEO age, educational level and tenure the three basic attributes ,and empirical study by using 100 the small and medium-sized board listed enterprises in our county. The result showed that：our country small and medium-sized enterprises board listed company the performance-risk relationship is U shaped ; age and tenure of CEO three basic characteristics are negative to adjust corporate performance-risk relationship, elder and longer tenure are weakened the corporate performance-risk relationship ; but the education level of CEO has no significant effect to the corporate performance- risk relationship. Further, we divided CEO into six groups by different characteristics, and compared each two groups, showed that：the younger and shorter tenure CEO makes corporate performance-risk relationships stronger than other three types; moreover,the elder and shorter tenure CEO,the younger and longer tenure CEO,the elder and longer tenure CEO make the performance-risk relationships have no different, namely the entrepreneurs talents can get the compensation. In this paper, the results for the enterprise in the selection and hire a CEO to make enterprises to achieve a higher performance and lower risk strategic resuh provides the theoretical and practical reference.