青年高管经验对企业收益及风险的影响:基于门槛效应的视角

Experience Value of Young Executives in Listed Companies

经验是一种能够产生价值的缄默性知识,它既能够提升认知能力、拓展战略格局、改善决策质量,也可能导致认知模式固化、过度自信、产生管理职能障碍。经验价值的多变性和阶段性在青年高管的职业生涯中得到充分体现。本研究采用2014—2016年间在上市公司连续任职的青年高管数据,以职龄为门槛变量,构建管理经验影响企业收益、管理经验影响企业风险的面板门槛估计模型。研究发现,青年高管的经验值与企业绩效、企业风险之间并非简单的线性关系,而是由高管职龄分隔而成的分段函数。青年高管的风控经验在其职龄达1.63年后开始凸显,而当高管职龄超过3.75年后,他们在逐利和避险这两方面的经验价值将充分彰显。本研究将拓展高阶理论的关注领域,也为企业的知识管理、高管选聘等管理实践活动提供思路借鉴。

Experience is a kind of tacit knowledge that can produce value.Experience can not only improve cognitive ability,expand strategic pattern,improve decision-making quality,but also lead to cognitive model solidification,overconfidence,and management dysfunction.The variability and stage of experience value are fully reflected in the careers of young executives.We use the data of young executives who have served consecutively in listed companies during 2014-2016.We take the professional age as threshold variable,and construct two panel threshold models in which management experience affects enterprise income and enterprise risk.It is found that the empirical value of young executives is not a simple linear relationship with enterprise performance and enterprise risk,but a piecewise function separated by the professional age of young executives.The risk control experience of young executives become prominent after their professional age reaching 1.63 years.When young executives’ professional age is more than 3.75 years,their experience in profit-seeking and risk aversion is fully demonstrated.We hope that this research can continue to expand the focus of the upper echelons theory and provide ideas for corporate management activities such as knowledge management and executive selection.