企业成长性、CEO财务专长与企业价值

Corporate Growing Stage,CEOs’Financial Expertise and Corporate Value

中国有一个成语叫“南橘北枳”,意思是同一个物种在不同的生长环境下会表现出不同的性状。举一反三,企业管理者的才能是否也会因为组织环境的差异而发挥不同的作用?本文结合企业的成长性水平,从投资行为和成本管控的视角,系统分析与检验了CEO财务专长对企业价值的影响。研究结果显示,对于高成长性企业,财务出身的CEO会抑制企业的投资水平,易错失投资机会,有损企业价值;而对于低成长性企业,CEO的财务专长则有助于企业实现成本领先,提升企业价值。路径检验发现,对于高成长性企业,CEO的财务专长对企业价值的影响存在部分的投资水平路径;对于低成长性企业,CEO的财务专长对企业价值的影响存在部分的成本管控路径。进一步研究发现,CEO财务专长对企业投资水平、企业价值的抑制作用,只存在于具备高成长性的国有企业之中;成长性水平降低后,无论是国有企业还是民营企业,具有财务专长的CEO均能够显著提高企业成本管控水平,促进企业价值上升。

There is an idiom in China called "Nan Ju Bei Zhi", it means that the characters of a certain specie varies under different growing environment. Learning from this analogy, whether the expertise of managers also plays a different role due to the differences of organizational environment? Based on the characteristics of corporate growing stage, this paper systematically analyzes the influence of CEOs’ financial expertise on corporate value from the perspective of investment level and cost control. We find that, in high-growth industries, a CEO with financial expertise inhibits the firm’s investment level, resulting in the miss of investment opportunities and damaging the firm’s value. But in low-growth industries, a CEO with financial expertise is positively associated with cost efficiency, which promotes a firm’s value. We also find that in high-growth industries, the influence of CEOs’ financial expertise on corporate value has partial investment level path, and in low-growth industries, the influence of CEOs’ financial expertise on corporate value has partial cost efficiency path. Further study indicates that in high growth industries, the inhibition of CEOs’ financial expertise on investment level and corporate value only exits in the state-owned enterprises, while in the low growth industries, CEOs’ financial expertise can significantly improve cost efficiency and corporate value both in state-owned enterprises and private enterprises.