CEO任期与企业风险承担

发布时间：2018-01-09 15:15

本文关键词：CEO任期与企业风险承担　出处：《财会通讯》2017年21期 　论文类型：期刊论文

【摘要】：本文以2003-2015年我国沪深证券交易所全部上市公司为样本,用CEO实际任职开始至研究的财务年度的长度用来度量CEO任期,用经行业调整的企业盈利能力的波动性来衡量企业的风险承担水平,从而检验CEO任期对于企业风险承担的影响。研究发现:CEO任期对于企业风险承担有着负相关的影响,即CEO任期越长,企业的风险承担水平越低;与非国有企业相比,国有企业的CEO任期对于企业风险承担的水平影响更加显著。这对于合理安排CEO任期,使得企业的风险承担水平得到控制,使得企业的投资水平符合企业所有者的利益具有重要的意义。
[Abstract]:Taking all listed companies of Shanghai and Shenzhen Stock Exchange from 2003 to 2015 as a sample, this paper uses the length of the financial year from the beginning of CEO's actual service to the study to measure the term of CEO. The enterprise's risk-bearing level is measured by the volatility of the enterprise's profitability adjusted by the industry. It is found that the term of CEO has a negative effect on the risk-bearing of the enterprise, that is, the longer the tenure of CEO, the lower the level of risk-taking. Compared with the non-state-owned enterprises, the CEO tenure of state-owned enterprises has a more significant impact on the level of enterprise risk-taking, which can control the risk-bearing level of enterprises by arranging the tenure of CEO reasonably. It is of great significance to make the investment level of the enterprise accord with the interests of the owner of the enterprise.
【作者单位】：浙江工商大学财务与会计学院;
【分类号】：F275;F832.51
【正文快照】： 一、引言企业的风险承担水平对于企业的长期发展有着重要的意义,特别是在2008年金融危机爆发以后,企业的风险承担问题更是引起了广大学者们的关注,特别是基于代理理论下的管理者角色对于企业风险承担的影响。现代企业理论的核心思想是企业经营者和所有者因为信息非对称性存

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