CEO的金融背景会提高企业全要素生产率吗?

Will the CEO’s Financial Background Increase the Company’s Total Factor Productivity?

作为最重要的人力资源之一,CEO(首席执行官)的个人特点对企业全要素生产率具有重要影响。本文采用2008—2018年间全部A股上市公司作研究样本,结果发现:金融背景的CEO具有更冒险的行事风格,更熟悉金融领域操作规范,能够帮助企业提高创新水平和投资效率,从而提高企业全要素生产率,并且在采用DID(双重差分法)控制内生性后依然显著。进一步地,CEO的这种影响在更能够发挥CEO个人影响力的低盈利企业和非“北上广深”地区企业更显著。本文的结论佐证了“高层梯队理论”和“烙印理论”中CEO个人特点能够对企业生产经营产生影响的结论,同时,为今后企业是否聘任金融背景的CEO提供新的思考,金融背景的CEO虽然具有更冒险的行事风格,为企业带了一定风险,但也能够在提高企业生产率水平中发挥一定作用,并进一步为供给侧结构性改革提供了新的启示。

As one of the most important human resources of an enterprise,the CEO’s personal characteristics have an important impact on the productivity of the enterprise.Based on a sample of all A⁃share listed companies from 2008 to 2017,the empirical results can be shown as follows.CEOs with financial backgrounds are more adventurous and are more familiar with the financial operating practices.This kind of CEOs can help to increase the enterprise’s total factor productivity(TFP).The results remained significant after using the DID method to control the endogenousness.Further,this influence is more pronounced in the enterprises which the CEOs have more personal influence areas.The results corroborates the conclusion of“Upper Echelon”and“Imprinting”theory.At the same time,it provides some new thinking for whether to hire CEOs with financial backgrounds in the future.CEOs with financial backgrounds are more adventurous but also can play a role in improving the productivity.Finally,it also provides new enlightenment for supply⁃side structural reform.