摘要
对处于新兴资本市场的中国来说,追涨杀跌与极端市场风险频繁出现,股价崩盘风险成为阻碍资本市场有序发展的关键,也成为公司治理和金融领域的热点话题,而学者型CEO所具备的管理者特质对企业经营管理行为具有积极意义,其管理风格将反映到企业决策行为中,为股价崩盘风险提供了新的研究视角。学者型CEO能够通过降低信息风险和代理风险显著降低股价崩盘风险,CEO学术经历在非国有企业、两职合一、机构投资者持股比更高的情况下更能降低股价崩盘风险。文章以2009-2018年我国A股上市公司为研究样本,实证检验了CEO学术经历影响股价崩盘风险的客观表现、传导路径及影响因素,诠释了上市公司股价崩盘风险的形成机理,为建立多层次、稳定的资本市场提供了理论指导和经验证据。
For China’s stock market,which is in the emerging capital market,chasing the rise and killing the fall and extreme market risks occur frequently.The risk of stock price crash caused by this phenomenon has become a major obstacle to the orderly development of capital market.The managerial characteristics of scholar-type CEOs are of great significance to the management behavior of enterprises.Their management style is reflected in the decision-making behavior of enterprises,which provides a new research perspective for the risk of stock price crash.Based on the brand theory and the reputation theory,academic experience shapes executives’higher moral quality and sense of social responsibility,and shapes their rigorous logical reasoning and analytical judgment ability;it makes them have higher reputation cost,and makes them more conservative,self-disciplined,professional and rational,and more motivated to restrain themselves when participating in management decision-making.Based on the A-share listed companies in China from 2009 to 2018,this paper empirically tests the objective performance,transmission path and influencing factors of CEO academic experience influencing stock price crash risk.From the perspective of information risk and agency risk,we find that scholar-type CEOs can significantly reduce the risk of stock price crash by reducing information risk and agency risk;further research on the influencing factors and economic consequences of stock price crash risk shows that CEO academic experience can reduce the risk of stock price crash more effectively in the case of nonstate-owned enterprises,the combination of two jobs,and higher institutional investors’shareholding ratio.This paper interprets the formation mechanism of stock price crash risk of listed companies based on the perspective of executive governance,and supports the information hiding hypothesis.From the theoretical level,the research result provides ideas for further exploring how management experience affects corporate financial behavior,and provides a new perspective and beneficial supplement for the research of high-level echelon theory and executive heterogeneity;from the practical level,it provides new evidence support for listed companies to make scientific and reasonable CEO appointment decisions and high-level talent selection,and provides practical guidance and experience reference for further exploring the impact of executive academic experience on enterprise management behavior,promoting the healthy and orderly development of the capital market,and establishing a stable multi-level capital market.
作者
何瑛
韩梦婷
He Ying;Han Mengting(School of Economics and Management,Beijing University of Posts and Telecommunications,Beijing 100876,China)
出处
《上海财经大学学报（哲学社会科学版）》
CSSCI
北大核心
2021年第4期121-137,共17页
Journal of Shanghai University of Finance and Economics
基金
国家社会科学基金重点项目“‘双向’混合所有制改革中非控股股东治理机制对资本配置效率的影响研究”(20AGL015)
作者简介
何瑛(1973—),女,新疆乌鲁木齐人,北京邮电大学经济管理学院教授、博士生导师;韩梦婷(1997—),女,湖北襄阳人,北京邮电大学经济管理学院硕士研究生。
