CEO金融背景对企业风险承担水平的影响研究

A Study on Corporate Risk-taking and the Financial Background of CEOs

文章就CEO金融背景对企业风险承担水平的影响进行研究,并分析产权性质、分析师关注及CEO持股对CEO金融背景与企业风险承担水平的关系的调节效应。实证结果表明,CEO金融背景显著提高了企业的风险承担水平;相较于国有企业,非国有企业中具有金融背景的CEO更能提高企业的风险承担水平;分析师关注越低,具有金融背景的CEO对企业风险承担水平的提升效果越明显。相较于具有金融背景且未持有公司股票的CEO,具有金融背景且持有公司股票的CEO更能提高企业风险承担水平。本文的研究结论为帮助企业通过适度引入具有金融背景的CEO和完善股权激励政策及业绩考核机制等措施来提高风险承担水平提供启示。

This paper uses a combination of research methods such as empirical analysis,literature research and comparative analysis to investigate the relationship between a CEO's financial background and corporate risktaking.It also examines the nature of ownership,the extent of analyst attention to a company's performance,and the size of the CEO's shareholding to assess whether these factors have an impact on the relationship between CEO financial background and corporate risk-taking.The empirical results are as follows:The CEO's financial background significantly contributes to the degreen of willingness of corporate management to take on business risks.A CEO with a financial background in a non-state company is more likely to increase the level of risk-taking than a counterpart in a state-owned company.The lower the level of interest among financial analysts,the more significant the effect of a CEO with a financial background on the level of corporate risk-taking.CEOs having a financial background and holding shares in the company are also more likely to increase their level of corporate risk-taking than CEOs with a financial background but with no shares in the company.Based on the findings of the study,this paper provides relevant recommendations for frms to promote risk-taking.Companies need to appropriately introduce CEOs with a financial background to help them increase their risk-taking capacity.They also should improve their CEO equity incentive policies and establish an appropriate CEO performance appraisal mechanism.