摘要
本文选取三个可能对个人性格品质产生重大影响的生活经历:经历"大跃进"运动,从军及海外留学,研究了上述经历对上市公司CEO日后掌管企业时选择资本结构,公司治理行为的影响作用。我们发现,经历过"大跃进"运动的CEO为了避免重蹈"过度投资,激进发展"的覆辙,竭力保持公司发展的稳定性,其所在公司的股价走势稳健,同时投资水平显著低于其他公司。有过军队服役经历的CEO恪守严格的纪律,习惯将杠杆率控制在较低水平。海归CEO们在国内任职中因为水土不服或寻找到了更适合的工作岗位等原因,他们的平均任职时间显著低于本土管理者。
This paper selects three kinds of life experience which may have a significant impact on personality and characteristics of human being： ＂Great Leap Forward＂, military service and studying abroad. We investigate whether these life experiences play a role in decision making of CEOs on capital structure and corporate governance behaviors. We find that CEOs who are old enough during ＂Great Leap Forward＂ to recognize its negative impacts try their best in their rest lives to avoid repeating the same mistakes： over-investment and radical development, and to maintain the stability of the company＇s development. The related stock prices go steadily, and the amount of investment in these companies are significantly lower than others. CEOs with military service experience observe the discipline strictly, and they are used to keeping the leverage ratio at a lower level. For the reason that CEOs who studied abroad lack environmental adaptability or they are able to find other more suitable positions, we find that their average incumbency time is significantly lower than their local peers.
出处
《投资研究》
2015年第2期112-127,共16页
Review of Investment Studies
基金
国家自然科学基金(71272024)的资助
关键词
生活经历
CEO
资本结构
公司治理
Life experience
CEO
Capital structure
Corporate governance
