摘要
该文利用2003—2012年间全部A股上市公司数据,研究了CEO的受教育水平对公司绩效的影响。通过使用中国各省历年的高考录取率、文革对高考的影响以及CEO的生长环境作为CEO受教育水平的工具变量解决该变量的内生性后,发现CEO的学历可以显著提高企业在资本市场上的价值。然而,CEO的受教育水平对公司的盈利能力以及收入增长能力均无显著影响。该文的研究表明,CEO的学历可以提高资本市场对企业价值的预期,但是在短期内并不能直接提高企业的经营绩效。
This paper examines the impact of CEO education on firm performance with the data of Chinese publicly listed firms from 2003 to 2012. After addressing the endogneity in the CEO education vari- able with the instrumental variables of the college entry exam rate in China＇s different provinces in different years, the impacts of cultural revolution on CEO education, and the growth environment of the CEO, the authors find that excellent CEO education can significantly enhance firm value, but cannot significantly affect firms＇ accounting profitability and growth rate. These findings suggest that a CEO with high education background can enhance the expectation on the value of the firm from investors; however, CEO education may not be helpful for improving firm accounting performance in the short run.
出处
《清华大学学报（自然科学版）》
EI
CAS
CSCD
北大核心
2015年第4期428-442,共15页
Journal of Tsinghua University(Science and Technology)
基金
国家自然科学基金资助项目(71202020)
