CEO早期生活经历与企业投资行为——基于CEO早期经历三年困难时期的研究  

CEOs' Early-life Experience and Firms' Investment Behavior——Based on the Research about CEOs' Early Experience of the 3-Years' Famine

作　　者：沈维涛[1] 幸晓雨[1] 

机构地区：[1]厦门大学管理学院,福建厦门361005

出　　处：《经济管理》2014年第12期72-82,共11页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"风险投资支持的企业IPO折价;择机与后管理问题研究"(71172052)

摘　　要：本文从早期经历和创伤心理对个人成年后行为造成的长期影响出发,检验CEO早期经历三年困难时期与企业投资水平、投资效率之间的关系。实证结果表明,总体上CEO早期经历三年困难时期,企业投资水平更低,投资效率更差,投资不足程度越严重。但国有企业与非国有企业呈现差异,非国有企业投资水平与投资不足的检验结果与总体一致,国有企业投资水平与投资不足则与CEO早期经历三年困难时期无显著关系。子样本的回归结果进一步表明,在经历过三年困难时期的CEO中,CEO所属地困难程度越严重,企业投资水平越低。This article investigates the relationship between CEOs＇ early-life experience and firms＇ investment behavior, which includes firms＇ investment level and investment efficiency, it also takes the system of China into consideration,dividing all the company into two subsample ,which are the state-owned-enterprises （SOEs） and the non-state-owned-enterprises （NSOEs）. And this paper based on the research about CEOs＇ early experience of the Chinese Famine in 1959-1961. Firstly, we analyze the related theory from the angle of psychology, which indicates that the early-life experience will affect one＇ s behavior in the latter period persistently, especially the bad experience in the childhood. A lot of papers in psychology filed found that the disaster experience, like earthquake and famine, will affect people＇ s sentiments and thought, change their cognition of risk. People who experienced the disaster in their early life will show strong risk aversion and more cautious behavior in their latter period. So if a CEO experienced a disaster in his early life, his financial policy and financial behavior may be affected by that and then have some difference with others, especially the investment behavior, both investment level and investment efficiency. And also, the association maybe have some difference in different companies, like between SOEs and NSOEs. In order to examine these hypotheses,we chose the Chinese Famine in 1959-1961 （the 3-Years＇ Famine） as the disaster experience to have a research. Then we use the data of Chinese public companies which collected from CSMAR and WIND to examine the association between CEOs＇ early experience of the 3-Years＇ Famine and firms＇ investment level, the result of the test is significant at 1% level even after controlling the whole related variables, however,there＇s a difference between the state-owned-enterprises （SOEs） and the non-state-owned-enterprises （NSOEs）, the NSOEs＇ empirical test is significant at i % level as well, but the res

关 键 词：早期经历 三年困难时期 CEO 投资行为 

分 类 号：F275.5[经济管理—企业管理]