School of Business, Zhengzhou University

选取2009—2022年沪深A股上市公司为研究对象,研究CEO被解雇经历对公司风险承担水平的影响,基于CEO性别、产权性质和CEO持股对CEO被解雇经历与公司风险承担之间的调节效应进行探讨。研究发现:CEO被解雇经历显著降低了公司的风险承担水平,即CEO有被解雇经历更趋向于风险规避,该结论在进行稳健性检验之后仍然成立。同时研究发现,CEO性别对二者的关系没有显著影响,而在国有企业组和CEO没有持股的样本中,CEO被解雇经历对公司风险承担的影响更显著。进一步研究发现,CEO被解雇经历会降低企业高风险投资行为,具体表现为减少创新投入和降低专业化。从CEO被解雇经历这一微观层面丰富了公司风险承担影响因素的研究,对于我国上市公司选聘CEO有一定的参考价值。

Shanghai and Shenzhen A-share listed companies from 2009 to 2022 were selected to study the effect of CEO’ s dismissal experience on the level of firm risk-taking, and the moderating effect be- tween CEO dismissal experience and firm risk-taking was further explored based on CEO gender, nature of ownership and CEO shareholding. The research finds that the CEO dismissal experience significantly reduces the level of firm risk-taking, i. e., CEOs tend to be more risk-averse when they have dismissal experience, and this finding still holds after robustness testing. The research also finds that CEO gender has no significant effect on the relationship between the two, while the effect of CEO dismissal experi- ence on firm risk-taking is more significant in the SOE group and in the sample with no CEO share- holding. Further study finds that CEO dismissal experience reduces the risky investment behavior of firms, as evidenced by reduced innovation investment and reduced specialization. The study enriches the research on the factors influencing firm risk-taking from the micro level of CEO dismissal experience, which has some reference value for the selection and hiring of CEOs of listed companies in China.

国家自然科学基金青年项目(72002205);河南省哲学社会科学规划项目(2021CJJ150)