创业板上市公司高管团队特征与财务风险的实证研究  

An Empirical Study on the Characteristics of Top Management Team and Financial Risk of the Companies Listed on the GEM

作　　者：王小燕[1] 万达[2] 

机构地区：[1]齐鲁工业大学财政与金融学院,山东济南250100 [2]俄亥俄州立大学费舍尔商学院,美国43201

出　　处：《山东商业职业技术学院学报》2013年第5期23-26,90,共5页Journal of Shandong Institute of Commerce and Technology

基　　金：教育部人文社会科学研究规划基金项目"公司治理与证券市场开放:企业可持续增长的内部机制与外部环境"(12YJA630102);山东省社会科学规划重点项目"公司治理与金融稳定:防范金融风险的微观机制"(11BGLJ06);山东省社会科学规划项目"企业财务风险防范研究"(12CKJZ02)的阶段性成果

摘　　要：近年来,高管团队特征引起学者们的广泛关注。以国内创业板上市公司为研究对象,从理论与实证的角度探讨高管团队特征对财务风险的影响,结果发现:上市公司规模越大,其财务风险就越大;高管团队的学历越高,财务风险就越小;高管团队的年龄差异性越大,财务风险越大;高管团队平均年龄、高管团队规模、高管团队教育背景多样化、高管团队性别多样化等对财务风险无显著影响。In recent years, the characteristics of top management team have caused extensive attention. Taking Chinese companies listed on GEM as research objective, this paper studies the impact of the characteristics of top management team（TMT） on financial risk from theoretical and empirical viewpoint. The results indicate that a strong and significantly positive relation between firm size and financial risk, the high education of TMT can reduce financial risk while the diversity of age is positively associated with financial risk. We also find that average age, TMT size, the diversity of education, and gender have no significant imoact on financial risk.

关 键 词：创业板 高管团队特征 财务风险 

分 类 号：F830.9[经济管理—金融学]