总经理儒家文化观念与公司诉讼风险--基于中国上市公司问卷调查数据  

CEO’s Confucianism Concept and Corporate Litigation Risk:Based on Investigation Data of Chinese Listed Companies

作　　者：李彩玲 林东杰 Cailing Li;Dongjie Lin(Business School,Sun Yat-sen University;School of Public Finance and Taxation,Central University of Finance and Economics)

机构地区：[1]中山大学管理学院 [2]中央财经大学财政税务学院

出　　处：《管理学季刊》2019年第4期63-85,155,共24页Quarterly Journal of Management

基　　金：教育部人文社会科学研究青年项目“基于机器学习的内部控制缺陷预测模型研究:模型构建与应用”(19YJC790072);国家社会科学基金研究阐释党的十九大精神专项“新时代诚信建设制度化的深化与创新研究”(18VSJ082);国家自然科学基金重点项目“基于中国情境的企业内部控制有效性研究”(71332004);中央财经大学青年教师发展基金项目“上市公司业绩说明会有效性研究--基于语调分析的实证检验”(QJJ1801);中央财经大学教学方法研究课题“大数据背景下资产评估课程建设研究”(JFY201901)资助。

摘　　要：高管的认知模式对公司经营管理具有重要影响,而高管文化偏好能直接体现其价值观念和认知基础,是高管行为和选择的逻辑基础。本文利用中国上市公司独特的问卷调查数据,以总经理对儒家经典书籍熟悉程度衡量其儒家文化观念,以公司诉讼作为切入点,探讨了总经理儒家文化观念和公司诉讼风险的关系。实证结果表明,总经理偏好儒家文化,其所在上市公司的诉讼风险较低;并且,这一关系在经营风险较高、内部控制质量较差时更强。本文从高管个人文化观念的角度拓展了高阶理论,丰富了儒家文化的文献以及法与金融的相关研究。本文研究结果表明,以儒家文化为代表的传统文化对公司经营管理具有积极意义,为推广儒家文化提供了经验证据。The cognitive model of executives has an important impact on corporate management. Scholars usually take the demographic characteristics of senior executives(such as age,gender,education level,etc.) as proxies to investigate the economic consequences of background characteristics of senior executives. Compared with the demographic characteristics of senior executives,the cultural preference of senior executives can reflect their values more directly,which is the logical basis of executives’ behavior and choice. Exploring the cultural preference of senior executives may better expand the upper echelons theory.Based on the unique survey data of Listed Companies in China,this paper measured CEO’s Confucianism concept by CEO’s familiarity with Confucian classic books and probed into the relationship between CEO’s Confucianism concept and the risk of corporate litigation from 2003-2018. The empirical results showed that when a CEO preferred Confucianism,the litigation risk of the listed company was lower,and the relationship was stronger when the operational risk was higher and the internal control quality was poor.We also conducted a series of additional analysis. First,we changed the measurement of the litigation risk by other ways,measured by whether the company is sued and the number of litigation case the company is sued in the current year. We found that when CEO’s Confucianism preference is high,the company’s probability of being sued is lower,and the number of lawsuits involved is less. Second,we studied whether CEO’s Confucianism affects the possibility of the company to file a lawsuit. We found that the listed company with CEO high in Confucianism concept was less likely to suing other company as a plaintiff. Third,we also examined the Confucianism concepts of the chairman,CEO and CFO. The empirical results showed that the Confucianism concepts of CEO had the greatest impact on the company’s litigation. The possible reason is that CEO is responsible for the daily operation and has more direct

关 键 词：儒家文化 诉讼风险 调查问卷 

分 类 号：F832.51[经济管理—金融学] F272.91[哲学宗教—中国哲学] B222