CEO年龄、风险承担与公司价值

Discussion about the Age of CEO,Risk-Taking and Company Value

本文重点探讨CEO年龄与公司风险承担的相关关系，以及风险承担经济后果。文章选取了2003-2012年我国沪深股市非金融上市公司数据为样本，研究结果发现，我国董事长（总经理）年龄变化与公司总风险和公司特质风险存在负相关关系，而对系统性风险不产生影响。进一步考察风险承担和公司价值的关系发现总风险和公司特有风险会对公司价值提高具有促进作用，而系统性风险则会使公司价值遭受损失。

This article focuses on the relationship between CE0 age and risk assumption of company, as well as the economic consequences of risk-taking. The samples we selected are coming from China＇ s non-financial listed companies in Shanghai and Shenzhen stock markets, covered the period from 2003 to 2012. Finally we find that the age-related changes of chairman （general manager） shows a negative correlation with the company＇s total risk and companyspecific risk, but shows no impact to systemic risk. Further more, we examines the relationship between risk-taking and corporate value. And finding that the corporate value will increase with the promotion of total risk and company- specific risk, however the company will suffer losses when systemic risks increase.