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作 者:马雨飞 周建[2] 原东良 MA Yufei;ZHOU Jian;YUAN Dongliang(Business School,Nanjing University,Nanjing 210093,China;Business School,Nankai University,Tianjin 300071,China;Management School,Lanzhou University,Lanzhou 730000)
机构地区:[1]南京大学商学院,江苏南京210093 [2]南开大学商学院,天津300071 [3]兰州大学管理学院,甘肃兰州730000
出 处:《财经论丛》2022年第12期81-92,共12页Collected Essays on Finance and Economics
基 金:国家自然科学基金项目(71672088,71862006);江苏省研究生科研创新计划项目(KYCX22_0064);天津市研究生科研创新项目(2020YJSB027)。
摘 要:基于中国2007—2020年A股上市公司数据,探究前任继任CEO人力资本差异对企业战略变革的影响,并考察了前任CEO留任董事长以及继任CEO权力对于二者关系的调节作用。研究发现:前任继任CEO人力资本差异与企业的战略变革正相关;在民营企业中,前任CEO留任董事长会弱化前任继任CEO人力资本差异与战略变革的正相关关系;继任CEO的权力能够加强前任继任CEO人力资本差异与企业的战略变革之间的正相关关系。进一步分析显示,在CEO人力资本的细分维度,教育背景、法律背景和金融背景是影响战略变革的关键要素;按照产权性质细分样本后进行分析,结果显示前任继任CEO人力资本差异对民营企业战略变革的影响依然显著,但在国有企业样本中该影响不显著。本研究在丰富企业战略变革影响因素研究的同时,为中国企业CEO继任的选聘提供了参考。As the decision maker and direct manager of the company,the CEO needs to guide the formulation and implementation of the company strategy according to the changes in the internal and external environment of the company at the right time,so as to lead the company to gain competitive advantage in the industry competition.The incumbent CEO,due to his or her long tenure,is influenced by the long-term development practice of the company and other factors,and his or her knowledge of the internal and external environment of the company is limited,so it is difficult for him or her to make changes to the company strategy,thus the CEO succession becomes an important way for the company to realize strategic changes.In company practice,the selection of a successor CEO often requires full consideration of many factors such as the state of the company before the change and the reasons for the previous CEOs departure.Based on the data of A-share listed companies in China from 2007 to 2020,this paper re-examines the impact of CEO succession events on company strategic change from the perspective of predecessor-successor CEOshuman capital differences.Both predecessor and successor CEOs are included in the study of CEO succession events,and both the influence of the predecessor CEOs departure and the successor CEOs power in the succession events are considered.The research results are as follows:First,according to the upper echelon theory,managerscognitive level and decisionmaking style are affected by their knowledge level and life experience.Differences between individuals lead to different decisions.The greater the predecessor-successor CEOshuman capital difference,the greater the degree of the companys strategic change after the succession event,i.e.,there is a positive relationship between the predecessor-successor CEOshuman capital difference and the strategic change in the company.Second,the power of the successor CEO means the ability to adjust the business and guarantee the development and
关 键 词:前任继任CEO人力资本差异 战略变革 前任CEO留任董事长 继任CEO权力
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