摘要
依据沪深两市交易所主板上市的A股公司数据,采用倾向得分匹配法(PSM)和logit回归模型考量CEO金融背景对上市企业经营绩效影响。结果表明:具有金融背景的CEO并不会对上市企业经营绩效的提升带来显著改进;中介作用机制分析发现,拥有金融背景的CEO会更容易通过增加企业的金融性资产比例从而增大企业的经营风险。
In this paper,a sample of listed non-financial companies in Shanghai and Shenzhen Stock Exchange from 2009 to 2018 was selected,and the tendency score matching method(PSM)and Logit Model are adopted to investigate the influence of CEOs with financial background on the business performance of listed enterprises.The research results showed that CEOs with financial background had significant negative influence on the business performance of listed enterprises.Through the analysis of the intermediary mechanism,it is found that the preference of CEOs with rich financial background increases the proportion of financial assets and intensifies the operating risk of the enterprises.
作者
周锦培
ZHOU Jinpei(School of Finance and Taxation,Zhongnan University of Economics and Law, Wuhan, Hubei 430073,China)
出处
《财经理论与实践》
CSSCI
北大核心
2020年第4期70-77,共8页
The Theory and Practice of Finance and Economics
基金
国家自然科学基金青年项目(71803195)。
