高管团队异质性对企业风险承担的影响——基于企业数字化转型视角  

Impact of Executive Team Heterogeneity on Enterprise Risk Taking——Based on Enterprise Digital Transformation

作　　者：李丽滢[1] 张富博 牛莉霞[1] Li Liying;Zhang Fubo;Niu Lixia(College of Business Administration,Liaoning Technical University,Huludao Liaoning 125000)

机构地区：[1]辽宁工程技术大学工商学院,辽宁葫芦岛125000

出　　处：《沈阳师范大学学报（社会科学版）》2024年第2期79-88,共10页Journal of Shenyang Normal University(Social Science Edition)

基　　金：国家自然科学基金项目(52174184);辽宁省社会科学规划基金项目(L20BGL030)。

摘　　要：以我国2009—2020年沪深A股上市公司为样本,以企业数字化转型程度为中介变量,实证研究高管团队异质性对企业风险承担水平的影响。研究结果表明,高管团队异质性能够显著提升企业的风险承担水平,但当高管团队异质性大于0.333时会产生门槛效应,抑制企业风险承担水平,这一结论在控制联合固定效应、进行工具变量及内生性检验之后依旧稳健。中介效应分析表明,高管团队异质性能够通过拓宽企业数字化转型的渠道进而提升企业的风险承担水平。异质性分析发现,高管团队异质性在非国有企业中对企业风险承担水平的提升非常显著,但对国有企业影响不显著;对处于生命周期中成长期和衰退期的企业风险承担水平的提升作用显著,对处于成熟期的企业没有显著影响。Taking A-shares quoted companies from 2009 to 2020 as research samples to study the impact of executive heterogeneity on the level of corporate risk-taking.The results elaborate that executive team heterogeneity can evidently promote enterprise risk-taking;yet when the executive team heterogeneity is greater than threshold value,the heterogeneity can produce threshold effect and inhibit enterprise risk-taking.This conclusion is dependable after controlling the joint fixed effect and testing an instrumental variable,as well as considering endogeneity problem.Mechanism analysis shows that executive team heterogeneity can improve enterprise risk-taking through promoting the digital transformation of enterprise.The heterogeneity analysis shows that the executive team heterogeneity increases enterprise risk-taking in non-state-owned enterprises significantly,but not in state-owned enterprises;the executive team heterogeneity increases enterprise risk-taking in the growth period and decline period in the life cycle observably,but not in the mature period.

关 键 词：高管团队异质性 企业风险承担水平 门槛效应 数字化转型程度 

分 类 号：F272.3[经济管理—企业管理]