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

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.%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.