CEO权力、外汇风险对冲决策与企业综合绩效

发布时间：2018-08-30 19:18

【摘要】：以北京上市跨境投资企业为样本,采用主成分分析法测度了CEO权力强度和企业综合绩效,并基于Baron-Kenny的中介效应模型检验了CEO权力、风险对冲决策与企业综合绩效之间的关系。研究发现:CEO权力与企业综合绩效显著正相关,与外汇风险对冲决策正相关,外汇风险对冲决策在CEO权力对企业综合绩效的影响中产生了中介效应,即CEO权力越大,越倾向于及时为企业做出外汇风险对冲决策,进而提高企业综合绩效。进一步将CEO权力区分为四种分维度权力时,发现只有CEO组织权力与企业绩效显著正相关,而CEO的所有权权力、专家权力和声誉权力与企业绩效之间并不存在显著的相关关系。
[Abstract]:Taking the listed cross-border investment enterprises in Beijing as a sample, this paper uses principal component analysis to measure the power intensity of CEO and the comprehensive performance of enterprises. Based on the intermediary effect model of Baron-Kenny, the paper tests the relationship between the power of CEO, the decision of risk hedging and the comprehensive performance of enterprises. It is found that the power of CEO is significantly positively correlated with the overall performance of the firm, and is positively related to the hedging decision of foreign exchange risk. The hedging decision of foreign exchange risk has a mediating effect in the influence of CEO power on the comprehensive performance of the enterprise, that is, the greater the power of CEO, the greater the power. More tend to make foreign exchange risk hedging decisions for enterprises in time, and then improve the overall performance of enterprises. When CEO power is further divided into four dimensions, it is found that only CEO organizational power is positively correlated with enterprise performance, while the ownership power, expert power and reputation power of CEO have no significant correlation with firm performance.
【作者单位】：北京工商大学经济学院;
【基金】：国家社会科学基金项目“中国跨境投资企业的外汇风险敞口测度、对冲动因与效果评价研究”(项目编号:15BGL020) 北京市社会科学基金项目“北京跨境投资企业的外汇风险敞口测度、对冲动因与效果评价研究”(项目编号:16YJB010) 北京市社科联青年项目“北京跨境投资的外汇风险对冲绩效研究”(项目编号:2015SKL017) 北京工商大学研究生科研能力提升计划项目首都流通业研究基地项目(项目编号:PXM2016-014213-000014)
【分类号】：F275;F832.6;F272.91

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