高管从军经历能否抑制上市公司股价崩盘风险--基于高管人力资本与社会资本的视角

Can Executives’ Military Experience Mitigate Stock Price Crash Risk?From the Perspective of Executives’ Human Capital and Social Capital

新型冠状肺炎疫情全球蔓延使实体经济发展和金融市场稳定遭受重挫,如何维护资本市场秩序成为政府和投资者共同关注的问题。文章从微观层面考察高管个人从军经历对公司股价崩盘风险的影响,实证结果表明,高管从军经历能够有效降低股价崩盘风险,且董事长从军经历的作用更加显著。进一步地,高管从军经历对股价崩盘风险的降低效应在公司由“非前十大”审计以及当地政府官员具有从军经历时更加突出,即从军经历通过两种机制影响高管隐瞒坏消息的动机:(1)高管从军经历具有烙印效应,当公司治理环境较差时,可作为公司正式治理机制的替代机制;(2)从军高管和从军官员之间形成的社会关系网络具有资源效应和监督效应,既能降低公司陷入困境的概率也能约束高管的信息披露行为。文章揭示了高管从军经历影响企业信息披露行为的作用路径,并对新兴市场国家中企业如何优化高管团队结构具有启示意义。

The global spread of “COVID-19” has severely attacked the real economy andthe financial market. How to maintain the order of the capital market has become a commonconcern of the government and investors. This paper examines the influence of executives’military experience on the stock price crash risk. The empirical results show that the militaryexperience of executives can reduce the stock price crash risk effectively, and the chairman’smilitary experience plays a more significant role. After controlling the endogeneity problem byPropensity Score Matching (PSM), Heckman two-stage regression and change of dependentvariables, the conclusion remains unchanged. Further, when the company has non-top ten auditsand when local government officials have military experience, the stock price crash risk of thecompany whose executives have military experience reduces more prominently. In other words,the military experience weakens executives’ motivation to hide bad news through the following two mechanisms: (1) Executives’ military experience has an imprinting effect. Strict discipline standards inmilitary life enable soldiers to have high moral standards, sense of honor and responsibility,integrity and self-discipline, and other good qualities, which have an imprinting effect onexecutives’ disclosure behavior. When the corporate governance environment is poor, the selfrestraintmechanism of military corporate executives can be an alternative to the formal corporategovernance mechanism. (2) The social network formed between military corporate executives and militarygovernment officials has a resource effect and a supervision effect. Based on the common militaryexperience, corporate executives and government officials build a social network, which canprovide enterprises with powerful resource support and reduce the probability of getting intofinancial trouble;at the same time, the intent of maintaining the long-term stable relationshipdiscourages executives’ behavior of hiding bad news. We have the following three probable contributions: Firstly, from the perspective ofexecutives’ human capital and social capital, we find the pathway of how executives’ militaryexperience influences their information disclosure behavior. Secondly, we theoretically enrich therelevant literature on the factor affecting the stock price crash risk and the impact of executives’military experience on corporate governance. Finally, this paper has implications for howenterprises in emerging markets to optimize the structure of executive teams.