不同籍地CEO对企业战略选择的影响  

Non-local CEO and Corporate Strategic Difference

作　　者：孟凡臣[1] 薛杏琳 MENG Fanchen;XUE Xinglin(School of Management and Economics,Beijing Institute of Technology,Beijing 100081,China)

机构地区：[1]北京理工大学管理与经济学院,北京100081

出　　处：《北京理工大学学报（社会科学版）》2023年第5期171-180,共10页Journal of Beijing Institute of Technology：Social Sciences Edition

基　　金：国家自然科学基金面上项目“国际并购的跨文化知识转移与创新绩效问题研究”(7197021063)。

摘　　要：参照任职地,不同籍地CEO可分为外地CEO和本地CEO。二者不同的行事风格会影响企业战略选择。企业战略差异度是企业战略的重要特征之一。从企业战略差异度这一视角切入,选用2010—2019年沪深A股上市公司为样本进行实证检验。结果表明:外地CEO所在的企业战略差异度更高。截面差异分析显示,外地CEO对企业战略的影响在非国企、CEO权力更大、CEO连任和CEO原生地风险偏好低时更明显。在进行替换被解释变量、倾向得分匹配的稳健性分析后,结果仍然稳健。进一步地,CEO过度自信部分中介外地CEO对于企业战略的选择。研究结论有助于进一步认识CEO个人特征对于企业战略的影响,并提醒企业内外部相关者关注外地CEO与本地CEO在战略选择上的差异,为企业战略管理与经营带来思考与启示。According to the place of employment,CEOs from different places of origin can be divided into non-local CEOs and local CEOs.Their different styles will affect corporate strategies.Strategic difference is one of the important features of corporate strategy.Shanghai-Shenzhen A-share listed companies from 2009—2019 were chosen as the sample for empirical inspection from the perspective of strategic difference.The results show that corporate strategic differences were higher when CEOs were non-local.Analysis of cross-sectional differences shows that this phenomenon was more obvious when the enterprise was not owned by state,CEOs had higher power,CEOs stayed in office,and the risk preference of the hometown of CEOs was lower.After replacing the variables and implementing the psm test for stable analysis,the results remained stable.Furthermore,CEO overconfidence had a partial mediation effect on CEOs’choice of corporate strategy.Research conclusions help further understand the impact of CEOs’personal characteristics on corporate strategy,and remind the differences between non-local CEOs and local CEOs in strategic choices.It also provides reference for future corporate strategic management and operation.

关 键 词：外地CEO 企业战略 CEO个人特征 企业战略差异度 战略选择 

分 类 号：F276[经济管理—企业管理]