CEO社会资本与企业风险承担——基于委托代理和资源获取的理论视角

CEO Social Capital and Corporate Risk-Taking——Based on the Theoretical Perspectives of Principal-Agent and Resource Acquisition

以中国2001—2015年的沪深A股上市公司为样本,实证检验了CEO社会资本与企业风险承担的关系。结果表明:CEO社会资本能够显著提高企业的风险承担水平,并带来企业价值的提升;当企业所处地区的市场化程度较低、外部融资需求较高及代理成本较低时,CEO社会资本对企业风险承担的促进作用将更加显著;不同类型的CEO社会资本对企业风险承担水平的影响也不同;渠道测试结果显示,CEO社会资本能够通过提高财务杠杆及增加研发支出来提升企业的风险承担水平。

This paper empirically investigated the impact of CEO social capital on the level of corporate risk-taking, using the data of Chinese A-share listed companies in Shanghai and Shenzhen from 2001 to 2015. The result shows that CEO social capital could evidently raise both the level of corporate risk-taking and corporate value. The impact of CEO social capital on corporate risktaking would be more pronounced in regions with lower marketization degree, higher external financing demand or lower agency cost.And different types of CEO social capital have varying effects on the level of corporate risk-taking. Further channel test reveals that,the promotion channels of above relationship are the enhancement of financing leverage and R&D costs.