CEO基本特征对企业业绩-风险关系的影响——基于我国中小企业板上市公司的实证研究  

The Influence of Enterprise Performance-Risk Relationships by CEO Basic Characteristics——The Empirical Study Based on the Data of Small and Medium-sized Board Listed Enterprises in Our Country

作　　者：刘杏[1] 马超群[1] 姚铮[1] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082

出　　处：《经济管理》2014年第11期134-143,共10页Business and Management Journal ( BMJ )

基　　金：湖南省社会科学基金青年项目"开放式创新模式下企业关键资源对新产品开发的影响机理研究"(13YBA073);国家自然科学基金创新研究群体项目"金融创新与风险管理"(71221001);国家自然科学基金青年项目"众包协同创新网络的资源集成模式及其对产品创新绩效的作用机理"(71403086)

摘　　要：本文运用我国100家中小企业板上市公司数据,实证研究了企业CEO年龄、学历与任期这三个基本特征对企业业绩-风险关系的影响。结果表明,我国中小企业板上市公司业绩-风险之间存在U型关系;CEO三个基本特征中,年龄与任期均负向调节企业业绩-风险之间的关系,但学历对两者之间的关系不具有显著影响。此外,年龄轻且任期短的CEO,使得企业业绩-风险关系的程度最强;年龄长且任期短、年龄轻且任期长以及年龄长且任期长的CEO,使得企业业绩-风险关系的程度不具有显著的差异性,即CEO年龄长或任期长的特征,使其所具有的企业家才能得到补偿。本文的研究结论将为企业选拔与聘用具有何种基本特征的CEO,以实现获得较高业绩同时承担较低风险的战略目标,提供重要的理论借鉴与实践参考。As the upper echelons theory represented, the enterprise can be regard as a reflection of the top managers. The CEO＇s personal characteristics affect their analysis tendency of the enterprise management environment and their ability to deal with problems, Considering these CEO choosing the competitive strategy and dealing with problems in the process, their characteristic affect the results of enterprise strategies which are reflected as the relationship of performance and risk. At present, our country small and medium-sized listed companies generally have the characteristics of income growth fast and strong profitability, they have become more and more important part in the economic development in our country. Small and medium-sized listed companies relative to the big enterprise, the organizational structure level is less, under the constraints of the organizational inertia is small; and most of the small and medium-sized listed companies are controlled by managers with strong management ability, enterprise chairman or CEO control the enterprise management, they decided the enterprise strategic ,financial and business performance. At the same time, the small and medium-sized enterprise is subject to the conditions of resources and information system processing power. Based on the above points, so the small and medium-sized listed compa- nies have a higher request to the CEO＇s management ability. As the previous researches showed, the CEO characteristics have the positive, negative or none influence on the company risk or performance, there is little research investigated the influence of the CEO characteristics effect on the relationship between corporate performance - risk. Measure the result of a business strategy is good or bad not only consider its performance or risk, for the two closely factors the performance and risk of the enterprise decision elements only to consider one aspect can not fully explain CEO characteristics for the meaning of enterprise management. Companies employ different characteri

关 键 词：业绩-风险关系 CEO基本特征 前景理论 高阶管理理论 

分 类 号：F272.9[经济管理—企业管理]