高管财务经历、风险偏好与公司超速增长——来自中国经济“黄金期”的经验证据  

Top Managers' Financial Experience, Risk Preference and Company Overgrowth——The Empirical Evidence from“Golden Period”of China Economy

作　　者：郭道燕[1] 黄国良[1] 张亮亮[1] 

机构地区：[1]中国矿业大学管理学院,江苏徐州221116

出　　处：《山西财经大学学报》2016年第10期113-124,共12页Journal of Shanxi University of Finance and Economics

基　　金：教育部人文社会科学研究青年基金项目(15YJC630176)

摘　　要：以中国经济"黄金期"(2003-2014年)的沪深A股上市公司为研究样本,采用双重差分模型实证检验高管财务经历、风险偏好与公司超速增长之间的关系。研究发现,高管财务经历与公司超速增长显著负相关。进一步研究表明,高管财务经历与高管风险偏好显著负相关,高管风险偏好与公司超速增长显著正相关,高管风险偏好在高管财务经历负向影响公司超速增长的关系中具有中介作用。Using the samples of A-share listed companies from Shanghai and Shenzhen stock exchange in ＂golden period＂ of China economy from 2003 to 2014, this study empirically examines the relationships between top managers＇ financial experience, risk preference and company overgrowth. The results show that top managers＇ financial experience is negatively related to company overgrowth. Further studies show that top managers＇ financial experience is negatively related to top managers＇ risk preference, top managers＇ risk preference is positively related to company overgrowth, and top managers＇ risk preference has the mediating effect on the relationship between top managers＇ financial experience and company overgrowth.

关 键 词：高管财务经历 风险偏好 公司超速增长 

分 类 号：F275[经济管理—企业管理]