CEO任期对企业投资不足的影响——基于社会责任中介作用  

The Effect of CEO Tenure on Corporate Under-Investment——Based on the Mediating Role of Social Responsibility

作　　者：贾晓霞 张彤昕 JIA Xiaoxia;ZHANG Tongxin(Business School,University of Shanghai for Science&Technology,Shanghai 200093,China)

机构地区：[1]上海理工大学管理学院,上海200093

出　　处：《科技与经济》2022年第6期86-90,共5页Science & Technology and Economy

摘　　要：CEO作为企业最高决策的执行者,基于其职业周期变化,以2016—2020年我国A股上市公司作为研究样本,实证分析CEO任职初期和离任阶段对企业投资不足的影响,有利于企业掌握投资效率变化的因素,完善企业CEO聘任制度。研究发现:CEO在任职初期阶段和离职前一年对投资不足有显著为正的影响,即CEO的频繁更替会降低企业的投资效率,导致企业投资不足;社会责任在CEO任期与企业投资不足之间有部分中介作用,社会责任的履行能够有效抑制CEO任职初期和离任阶段造成的投资不足。揭示了CEO在任期不同阶段对企业投资不足的影响差异,并分析社会责任在CEO任期与投资不足中起到的中介作用,丰富了企业非效率投资的相关研究。CEO is the highest decision executive of the enterprise;based on the changes in the career cycle of CEOs,this paper takes A-share listed companies from 2016 to 2020 as a research sample,and empirically analyzes the impact of CEOs in the early stages of their tenure and their departure on under-investment.This paper is helpful for enterprises to grasp the factors of change of investment efficiency,and help enterprises to improve the CEO employment policy.The study found that:CEOs have a significant positive impact on under-investment in the early stage of their tenure and one year before leaving;in other words,frequent CEO turnover will reduce the investment efficiency of enterprises and lead to under-investment.Social responsibility plays a partial intermediary role in the relationship between CEO tenure and corporate under-investment,and the fulfillment of social responsibility can effectively restrain the under-investment caused by CEOs in the early stages of their tenure and their departure.This paper reveals the differences in the influence of CEOs on corporate under-investment at different stages of tenure,and analyzes the mediating role of social responsibility in CEO tenure and under-investment,enriching the research on corporate inefficient investment.

关 键 词：CEO任期 投资不足 企业社会责任 

分 类 号：F272.91[经济管理—企业管理] F275[经济管理—国民经济] F832.51