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论文编号：	13132
作者编号：	1120160801
上传时间：	2022/6/6 20:40:20
中文题目：	本地CEO对企业风险承担的影响及其经济后果研究
英文题目：	The Impact of Local CEOs on Corporate Risk-taking and Its Economic Consequences
指导老师：	刘志远
中文关键字：	本地CEO，家乡认同，企业风险承担，声誉担忧，家乡社会利益
英文关键字：	Local CEOs; Hometown Identity; Corporate Risk-taking; Reputational Concerns; Social Interests of Hometown
中文摘要：	经济理论和财务理论都表明创新和冒险是推动社会经济发展的动力源泉。在当前，经济高质量发展要求我国经济的发展方式转变为创新驱动，这就要求市场要充分激发企业家精神，促进企业家对创新的引领作用。对于经济发展来说，企业是经济活动的最基本和最重要的个体，也是创新的重要平台，而企业的高级管理人员是引领企业经营与决策的核心和主体。因而，做好以企业高级管理人员为核心的高层次人才资源的配置，充分激发高级管理人员的企业家精神是促进企业价值创造进而实现经济创新驱动和高质量发展的根本。与此同时，在公司治理实践中，一个十分普遍的现象是有非常高比例的上市公司存在着本地CEO任职的现象。虽然考虑到户籍制度等社会管理制度以及传统的“乡土情结”文化的影响，有较高比例的上市公司存在本地CEO任职的现象较容易理解，但是在创新驱动经济发展，企业家冒险精神尤为重要的发展背景之下，本地CEO在企业风险承担决策上是否有其独特的倾向并进而给企业的绩效带来影响，是一个值得关注和重视的问题。制度环境会影响CEO与家乡的交流与互动进而形成CEO对自我社会角色的认知，同时，制度环境也会直接影响CEO的决策动机，因而可能会影响CEO对待风险的态度。鉴于此，借鉴社会认同、地方认同的相关理论，结合中国特殊的制度环境特征，本文具体研究本地CEO对企业风险承担决策的影响、不同制度环境下影响的差异性以及影响产生的经济后果。 文章共分为六章。第一章为导论，提出文章想要研究的问题，指出文章的研究意义，并对文章涉及的核心概念进行界定，之后介绍了文章的研究思路、研究内容、研究方法和主要创新之处。第二章为理论基础和文献综述，分别对文章涉及的高阶梯队理论、社会认同理论、地方依恋理论进行了归纳与总结，并对管理者特质与企业行为、本地CEO与企业行为、企业风险承担的影响因素和企业风险承担经济后果研究的相关文献进行了梳理，之后提出了本文的研究视角。第三章为本地CEO对企业风险承担决策影响的独特性，从家乡认同视角分析了CEO在家乡地企业任职对所任职企业风险承担决策的影响，提出了本地CEO影响企业风险承担决策的“束缚效应”假说和“促进效应”假说，并进一步对本地CEO与企业风险承担水平之间的关系、关系的作用机制进行了检验。第四章为不同制度环境下本地CEO影响企业风险承担决策的差异性，分别从儒家文化影响程度、非国有企业CEO政治关联的非正式制度层面以及地区法律环境、企业产权性质的正式制度环境层面进行了分析和检验。第五章为本地CEO影响企业风险承担的经济后果，对本地CEO影响企业风险承担决策给企业绩效带来的影响进行了分析和检验。第六章为研究结论、政策建议与不足之处，系统归纳了本文的研究结论，提出了相关政策建议，之后指出了本文研究的局限及未来的研究方向。 通过理论分析与实证检验，文章得到的主要研究结论如下： 一是，本文发现，相较于非本地CEO，本地CEO任职企业的风险承担水平显著更低，说明本地CEO与非本地CEO在企业风险承担决策上确实存在差异。进一步的作用机制检验发现，本地CEO在家乡认同的作用下比非本地CEO有更高的声誉担忧以及更强的追求当地社会利益的非经济目标动机，从而使得本地CEO相较于非本地CEO有显著更低的风险承担水平。上述研究发现说明，本地CEO任职会对所任职企业的风险承担决策产生“束缚效应”。 二是，制度环境会干预和调节本地CEO对企业风险承担决策的影响。首先，非正式制度环境方面，当地区受到的儒家文化影响程度更高时，本地CEO降低企业风险承担水平的作用更加明显；对于非国有企业来说，相比于没有政治关联的本地CEO，上市公司聘请有政治关联的本地CEO对企业风险决策的负面影响将会减弱。其次，在正式制度环境方面，当地区的法律环境更好时，本地CEO降低企业风险承担水平的作用更加明显；相比于非国有企业，国有企业聘请本地CEO对企业的风险承担水平的负面影响更加明显。 三是，从经济后果来看，本地CEO降低企业风险承担水平会带来企业绩效的下降。具体来讲，对于企业资本市场绩效来说，相比于非本地CEO，上市公司聘请本地CEO显著降低了企业的风险承担水平，进而导致企业资本市场绩效下降；同样，对于企业产品市场绩效来说，相比于非本地CEO，上市公司聘请本地CEO显著降低企业的风险承担水平，进而也会导致企业产品绩效的下降。 本文的创新之处主要体现在如下方面： 第一，从企业风险选择的视角考察了CEO的家乡认同对企业经营决策的影响，将社会认同和地方认同的理论拓展到家乡认同的层面。这扩展了身份认同经济理论研究的视角，既有利于人们对管理者的心理取向如何影响企业的经营决策形成更加深刻的认识，同时也能够帮助人们从微观企业决策的层面理解家乡认同介入个体决策所产生的经济影响。 第二，将高管的劳动力市场因素纳入到企业风险承担决策影响因素的研究框架中，从CEO家乡认同的视角分析了CEO任职的地域因素对企业风险承担决策的影响。这拓展了企业风险承担影响因素的研究，既有助于人们从企业经营层面认识高管劳动力要素资源的配置如何对经济发展产生影响，同时也为政府和市场进一步深化人才发展以及进行要素市场的改革提供了企业层面的经验证据和政策指引。 第三，将制度因素与高管个人因素结合起来，证实了文化环境和产权性质等制度环境因素会干预和调节本地CEO对企业风险承担决策的影响作用。这不仅有助于我们进一步理解制度环境因素如何指引和约束决策者的心理因素在企业经营决策中所产生的影响，同时也为全面理解本地CEO的家乡认同对企业经营决策的影响效果提供了中国情景下的分析。
英文摘要：	Both economic theory and financial theory show that innovation and risk-taking are the source of power to promote economic development. At present, China’s high-quality economic development requires the economic development mode to be transformed into innovation-driven, which requires the market to fully stimulate the entrepreneurship and promote the leading role of entrepreneurs in innovation. For economic development, the enterprise is the most basic and important unit of economic activities, as well as an important platform for innovation, and the senior management of the enterprise is the core and main body leading the operation and decision-making. Therefore, to do a good job in the allocation of high-level human resources with senior management and to fully stimulate the entrepreneurship of senior managers is essential to promote the value creation of enterprises and to achieve economic innovation-driven and high-quality development. At the same time, in corporate governance practice, a very common phenomenon is that a very high proportion of listed companies have local CEOs. Considering the social management system such as household registration system, as well as the influence of traditional “local complex” culture, it is easy to understand the phenomenon that a large number of listed companies have local CEOs. However, in the background of economic development in which innovation drives economic development and entrepreneurship is particularly important, whether local CEOs have their unique tendency in corporate risk-taking and then have an impact on corporate performance is a problem worthy of attention. The institutional environment will affect the communication and interaction between CEOs and their hometown, thus forming their cognition of their social role, and then affect their attitude towards risks. Meanwhile, the institutional environment will also directly affect the decision-making motivation of CEOs, which may also affect their attitude towards risks. In view of this, drawing on the relevant theories of social identity and local identity, combined with the characteristics of China’s special institutional environment, this dissertation studies the impact of local CEOs on corporate risk-taking, the differences of the impact under different institutional environments, and the economic consequences of the impact. This dissertation consists of six chapters. Chapter one is introduction, which puts forward the research questions and research implications, and defines the core concepts involved in this dissertation, and then introduces the research ideas, research contents, research methods and main innovations of this dissertation. Chapter two is theoretical basis and literature review which summarizes the upper echelons theory, social identity theory and place attachment theory involved in this dissertation, and sorts out the related literatures on the research of managerial characteristics and corporate behavior, local CEOs and corporate behavior, influencing factors of corporate risk-taking and economic consequences of corporate risk-taking. Based on the review of the literatures, this dissertation proposes the research perspective of this study. Chapter three is the uniqueness of the impact of local CEOs on corporate risk-taking compared to non-local CEOs, by analyzes the influence of local CEOs on corporate risk-taking from the perspective of hometown identity, this part develops the “binding effect” hypotheses and “promoting effect” hypotheses. Furthermore, the relationship between local CEO and corporate risk-taking and the mechanism of the relationship are examined. Chapter four is about the differences of local CEOs’ impact on corporate risk-taking under different institutional environments, which is analyzed and examined from the aspects of informal institutional environment of the influence degree of Confucian culture and political connection of CEOs, and formal institutional environment of regional legal environment and the nature of corporate property rights. Chapter five is the economic consequences of local CEOs’ influence on corporate risk-taking, which analyzes and examines the corporate performance results caused by local CEOs’ impact on corporate risk-taking. Chapter six is the research conclusions, policy suggestions and deficiencies, which systematically summarizes the research findings of this study, puts forward relevant policy suggestions, and then points out the limitations and future research directions. Through theoretical analysis and empirical tests, the following conclusions are reached: Firstly, this study finds that, compared with non-local CEOs, the risk-taking level of local CEOs is significantly lower, indicating that there are indeed differences between local and non-local CEOs in corporate risk-taking decisions. Mechanism tests show that local CEOs have higher reputation concerns and stronger non-economic incentives to pursue local social interests than non-local CEOs under the influence of hometown identity, which makes local CEOs have significantly lower risk-taking level than non-local CEOs. These findings suggest that the presence of local CEOs has a “binding effect” on risk-taking decisions of the corporates they work for. Secondly, institutional environment can intervene and moderate the impact of local CEOs on corporate risk-taking. First of all, in terms of informal institutional environment, when the region is more influenced by Confucian culture, the negative impact of local CEOs on corporate risk-taking is significantly enhanced. For non-state-owned enterprises, compared with local CEOs without political connections, the negative impact of local CEOs with political connections on corporate risk-taking is weakened. Next in importance, in terms of the formal institutional environment, when the regional legal environment is better, the negative impact of local CEOs on corporate risk-taking is enhanced. Compared with non-state-owned enterprises, the negative impact of local CEOs on corporate risk-taking is more obvious in state-owned enterprises. Thirdly, from the perspective of economic consequences, Local CEOs have a negative impact on corporate risk-taking, and this leads to the decline of corporate performance. Specifically, in terms of the capital market performance, compared with non-local CEOs, local CEOs significantly reduce the level of corporate risk-taking, which leads to the decline of the capital market performance of the firm. Similarly, in terms of the product market performance, compared with non-local CEOs, local CEOs significantly reduce the level of corporate risk-taking, which also lead to a decline in the product market performance of the firm. The main innovations of this study are as follows: Firstly, from the perspective of corporate risk selection, this study examines the impact of CEO’s hometown identity on corporate management decision-making, and extends the theory of social identity and place identity to hometown identity. This expands the research perspective of the identity economics, which not only helps us form a deeper understanding of how the psychological orientation of managers affects the corporate business decision-making, but also helps us to understand the economic impact of hometown identity involved in individual decision-making from the level of micro corporate decision-making. Secondly, bring the labor market factors of senior executives into the research framework of influencing factors of corporate risk-taking, and analyzes the impact of CEO’s Location on corporate risk-taking from the perspective of the CEO’s hometown identity. This expands the research literatures on factors affecting corporate risk-taking, which not only helps us to understand how the allocation of senior executive labor resources affects economic development from the corporate management level, but also provides empirical evidence and policy guidance for the government and the market to further deepen talent development and reform the factor market. Thirdly, by combining institutional factors with personal factors of executives, this study proves that institutional environmental factors such as cultural environment and the nature of property rights can intervene and moderate the impact of local CEOs on corporate risk-taking. This not only helps us to further understand how institutional environmental factors guide and constrain the role of decision makers’ psychological factors in corporate business decision-making, but also provides an analysis in Chinese context for a comprehensive understanding of the impact of local CEO’s hometown identity on business decision-making.
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