董事长知青经历缓解了公司业绩和风险相关程度吗?——来自沪深上市公司的经验数据

Does the Chairman’s"Educated Youth"Experience Weaken the Enterprise Performance-Risk Correlation?——Empirical Evidence from Chinese Listed Companies

本文从董事长上山下乡这一独特经历出发,研究了董事长知青经历对其所在企业业绩和风险关系的影响程度。研究发现:上山下乡的经历塑造了董事长规避风险和沉稳谨慎的性格,他们能更好地适应复杂的市场环境、控制战略决策的不确定性,降低了企业业绩和风险关系的相关程度;基于产权异质性检验结果,在非国有企业中更显著。进一步机制检验表明:知青经历的董事长通过提高企业内部控制质量等途径削弱了企业业绩和风险关系的相关程度。本文旨在深刻理解董事长知青经历对我国经济发展及企业决策行为的影响,并拓展了相关研究思路。

From the perspective of the chairman’s unique experience of“down to the countryside”,this paper studies the effect of the“educated youth”experience of the chairman on the enterprise performance-risk correlation.The study shows that the experience of“down to the countryside”has shaped the chairman’s character of avoiding risks and being calm and prudent.They can better adapt to the complex market environment,control the uncertainty of strategic decision-making,and reduce the enterprise performance-risk correlation.The test results based on the heterogeneity of property rights show that the above relationship is more significant in non-state-owned enterprises.The impact mechanism test shows that the chairman with“educated youth”experience weakens the enterprise performance-risk correlation by improving the quality of internal control.The conclusion of this paper expands the research thinking for deeply understanding the influence of the"educated youth"experience of the chairman on China’s economic development and enterprise decision-making behavior.