外地CEO与企业风险承担:外来的和尚好念经?

Non-Local CEOs and Corporate Risk-Taking: Foreign Monks Good at Chanting?

本文以2008—2018年沪深A股上市公司为样本,基于场所依赖理论、烙印理论和文化差异的“学习互补”效应假说,实证检验了外地CEO对企业风险承担水平的影响。研究结果表明,外地CEO能有效提升企业风险承担水平。异质性分析显示,外地CEO对企业风险承担的促进作用在国有企业、高经济发展水平、高创新文化和低宗教文化地区更为显著。在进行一系列稳健性检验后,结果依然稳健。进一步的影响渠道分析发现,提高内部监督水平、抑制社会性负担可能是外地CEO提高风险承担的渠道机制。对经济后果的研究发现,拥有外地CEO的企业可以提高风险承担水平进而提高公司价值。本文的研究对完善上市公司和地方政府的人才引进战略具有重要启示。

Using a sample of China’s A-share listed firms in Shanghai and Shenzhen from 2008 to 2018, this paper empirically tests the impact of non-local CEOs on the level of corporate risk-taking based on the place attachment theory, imprinting theory, and the learning effect hypothesis of cultural differences. The results show that non-local CEOs can effectively enhance the level of corporate risk-taking. Heterogeneity tests show that the role of non-local CEOs in promoting corporate risk-taking has a more significant impact on state-owned enterprises, areas with high economic development levels, areas with high innovation culture and areas with low religious culture. Robustness checks validate the above results. Furthermore, we find that non-local CEOs may affect risk-taking through two channels: enhancing the internal supervision and mitigating the social burden. Corporates with non-local CEOs can promote corporate values by enhancing the level of corporate risk-taking. This study has important implications for improving the “talent introduction” strategies of listed companies and local governments.