CEO权力、风险承担与公司成长性——基于我国上市公司的实证研究

摘要/Abstract

摘要：

本文对我国A股上市公司CEO权力、风险承担与公司成长性之间的关系进行了实证研究。研究发现：CEO权力与公司风险承担正相关；与非国有上市公司相比，CEO集权对风险承担的影响在国有上市公司中更加突出；进一步，公司风险承担对公司成长性具有显著的拖累效应，即风险承担水平越高，公司成长性越差；风险承担的这种拖累效应在国有上市公司中表现地更为显著。本研究对于制约上市公司尤其是国有上市公司CEO集权、合理控制风险、提高公司成长性等问题提供了一定的理论支持和解决思路。

关键词: CEO权力, 风险承担, 公司成长性, 拖累效应

Abstract:

Based on the data of China's A-share listed companies, we conduct some empirical studies and reach the following conclusions on the relationship among CEO power, risk-taking and corporate growth:(1) the more power a CEO has, the higher risk his company companies will face; (2) the effect of CEO power on corporate risk-taking in state owned companies is higher than that in non-state owned companies; (3) further, the risk-taking has a significant drag effect on corporate growth, that is to say, the higher risk a company faces, the worse its growth will be; (4) the negative effect of corporate risk-taking on corporate growth in state owned companies is more significant than that in non-state owned companies. This study provides some theoretical basis and solutions for listed companies, especially listed SOEs, to effectively prevent the over-centralization of CEO's power, take reasonable control of corporate risk-taking and improve corporate growth.

Key words: CEO power, risk-taking, corporate growth, drag effect

李海霞. CEO权力、风险承担与公司成长性——基于我国上市公司的实证研究[J]. , 2017, 29(10): 198-210.

Li Haixia. CEO Power, Risk-taking and Corporate Growth——An Empirical Study of China's Listed Companies[J]. , 2017, 29(10): 198-210.

参考文献

[1] Bebchuk L. A., Cohen A., Spamann H. The Wages of Failure:Executive Compensation at Bear Stearns and Lehman 2000-2008[J]. Yale Journal on Regulation, 2010,27(2):257-282
[2] Board of Governors of the Federal Reserve System. Incentive Compensation Practices:A Report on the Horizontal Review of Practices at Large Banking Organizations[EB/OL]. https://www.federalreserve.gov/publications/other-reports/incentive-compensation-report-201110.htm,October, 2011
[3] Koerniadi H., Krishnamurti C., Touranirad A. Corporate Governance and Risk-taking in New Zealand[J]. Australian Journal of Management, 2014,39(2):1-19
[4] Su W., Lee C. Y. Effects of Corporate Governance on Risk Taking in Taiwanese Family Firms During Institutional Reform[J]. Asia Pacific Journal of Management, 2013,30(3):809-828
[5] 权小锋,吴世农,文芳. 管理层权力,私有收益与薪酬操纵——来自中国国有上市企业的实证证据[J]. 经济研究, 2010,11(5):85-92
[6] 王曾,符国群,黄丹阳,等. 国有企业CEO"政治晋升"与"在职消费"关系研究[J]. 管理世界, 2014,(5):157-171
[7] 傅颀,汪祥耀,路军. 管理层权力、高管薪酬变动与公司并购行为分析[J]. 会计研究, 2014,(11):30-37
[8] 刘锦,王学军,张三保,等. CEO非正式权力、正式权力与企业绩效——来自中国民营上市公司的证据[J]. 管理评论, 2015,27(11):161-169
[9] Adams R., Almeida H., Ferreira D. Powerful CEOs and Their Impact on Corporate Performance[J]. Review of Financial Studies, 2005,18(4):1403-1432
[10] Lewellyn K. B., Muller-Kahle M. I. CEO Power and Risk Taking:Evidence from the Subprime Lending Industry[J]. Corporate Governance:An International Review, 2012,20(3):289-307
[11] 刘鑫,薛有志. CEO接班人遴选机制与CEO变更后公司风险承担研究——基于CEO接班人年龄的视角[J]. 管理评论, 2016,28(5):137-149
[12] Mishra D. R. Multiple Large Shareholders and Corporate Risk Taking:Evidence from East Asia[J]. Corporate Governance:An International Review, 2011,19(16):507-528
[13] 夏宁,董艳. 高管薪酬、员工薪酬与公司的成长性[J]. 会计研究, 2014,(9):89-95
[14] 王爱国,王哲. 高管-职工薪酬差距与企业绩效、股权特征、企业成长性的相关性研究[J]. 山东社会科学, 2016,(5):128-133
[15] 杨丽芳. 公司治理与企业成长性的经济后果研究——来自创业板上市公司的经验数据[J]. 暨南学报(哲学社会科学版), 2014,36(6):120-128
[16] 冯慧群,马连福. 董事会特征、CEO权力与现金股利政策——基于中国上市公司的实证研究[J]. 管理评论, 2013,25(11):123-132
[17] 高遐,井润田,万媛媛. 管理决断权、高管薪酬与企业绩效的实证研究[J]. 管理评论, 2012,24(4):107-114
[18] Sah R. K., Stiglitz J. E. The Quality of Managers in Centralized versus Decentralized Organizations[J]. Quarterly Journal of Economics, 1991,106(1):289-295
[19] 权小锋,吴世农. CEO权力强度、信息披露质量与公司业绩的波动性——基于深交所上市公司的实证研究[J]. 南开管理评论, 2010,13(4):142-153
[20] 余明桂,李文贵,潘红波. 管理者过度自信与企业风险承担[J]. 金融研究, 2013,(1):149-163
[21] 刘杏,马超群,姚铮. CEO基本特征对企业业绩-风险关系的影响——基于我国中小企业板上市公司的实证研究[J]. 经济管理, 2014,36(11):134-143
[22] 张三保,张志学. 区域制度差异、CEO管理自主权与企业风险承担——中国30省高技术产业的证据[J]. 管理世界, 2012,(4):101-114
[23] 陈收,肖咸星,杨艳,等. CEO权力、战略差异与企业绩效——基于环境动态性的调节效应[J]. 财贸研究, 2014,25(1):7-16
[24] 李海霞,王振山. CEO权力与公司风险承担——基于投资者保护的调节效应研究[J]. 经济管理, 2015,37(8):76-87
[25] 王罗汉,李钢. 国有企业效率研究[J]. 经济与管理研究, 2014,(6):27-32
[26] Fan P. H. J., Wong T. J., Zhang T. Institutions and Organizational Structure:The Case of State-owned Corporate Pyramids[R]. SSRN Working Paper, 2009
[27] Li J. T., Tang Y. CEO Hubris and Firm Risk Taking in China:The Moderating Role of Managerial Discretion[J]. Academy of Management Journal, 2010,53(1):45-68
[28] Low A. Managerial Risk-taking Behavior and Equity-based Compensation[J]. Journal of Financial Economics, 2009,92(3):470-490
[29] Bertoni F., Colombo M. G., Grilli L. Venture Capital Investor Type and the Growth Mode of New Technology-based Firms[J]. Small Business Economics, 2013,40(3):527-552
[30] Zahra. Entrepreneurship in Medium-Size Companies:Exploring the Effects of Ownership and Governance System[J]. Journal of Management, 2000,26(6):947-976
[31] Nakano M., Nguyen P. Board Size and Corporate Risk Taking:Further Evidence from Japan[J]. Corporate Governance:An International Review, 2012,20(4):369-387
[32] 李海霞,王振山,宇文晶. 控制人所有权对风险投资退出速度影响的实证研究——基于公司价值的视角[J]. 西南民族大学学报(人文社会科学版), 2014,35(8):112-118
[33] 苏坤. 管理层股权激励、风险承担与资本配置效率[J]. 管理科学, 2015,28(3):14-25
[34] Serfling M. A. CEO Age and the Riskiness of Corporate Policies[J]. Journal of Corporate Finance, 2014,25(2):251-273
[35] Cziraki P., Xu M. CEO Job Security and Risk-taking:From France[R]. SSRN Working Paper, 2014
[36] Finkelstein S. Power in Top Management Teams:Dimensions, Measurement, and Validation[J]. The Academy of Management Journal, 1992,35(3):505-538
[37] 叶松勤,徐经长. 大股东控制与机构投资者的治理效应——基于投资效率视角的实证分析[J]. 证券市场导报, 2013,(5):35-39
[38] 张瑞君,李小荣,许年行. 货币薪酬能激励高管承担风险吗?[J]. 经济理论与经济管理, 2013,(8):84-100