本文關(guān)鍵詞：CEO任期與企業(yè)風(fēng)險(xiǎn)承擔(dān)　出處：《財(cái)會(huì)通訊》2017年21期 　論文類型：期刊論文

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【摘要】：本文以2003-2015年我國(guó)滬深證券交易所全部上市公司為樣本,用CEO實(shí)際任職開始至研究的財(cái)務(wù)年度的長(zhǎng)度用來(lái)度量CEO任期,用經(jīng)行業(yè)調(diào)整的企業(yè)盈利能力的波動(dòng)性來(lái)衡量企業(yè)的風(fēng)險(xiǎn)承擔(dān)水平,從而檢驗(yàn)CEO任期對(duì)于企業(yè)風(fēng)險(xiǎn)承擔(dān)的影響。研究發(fā)現(xiàn):CEO任期對(duì)于企業(yè)風(fēng)險(xiǎn)承擔(dān)有著負(fù)相關(guān)的影響,即CEO任期越長(zhǎng),企業(yè)的風(fēng)險(xiǎn)承擔(dān)水平越低;與非國(guó)有企業(yè)相比,國(guó)有企業(yè)的CEO任期對(duì)于企業(yè)風(fēng)險(xiǎn)承擔(dān)的水平影響更加顯著。這對(duì)于合理安排CEO任期,使得企業(yè)的風(fēng)險(xiǎn)承擔(dān)水平得到控制,使得企業(yè)的投資水平符合企業(yè)所有者的利益具有重要的意義。
[Abstract]:Taking all listed companies of Shanghai and Shenzhen Stock Exchange from 2003 to 2015 as a sample, this paper uses the length of the financial year from the beginning of CEO's actual service to the study to measure the term of CEO. The enterprise's risk-bearing level is measured by the volatility of the enterprise's profitability adjusted by the industry. It is found that the term of CEO has a negative effect on the risk-bearing of the enterprise, that is, the longer the tenure of CEO, the lower the level of risk-taking. Compared with the non-state-owned enterprises, the CEO tenure of state-owned enterprises has a more significant impact on the level of enterprise risk-taking, which can control the risk-bearing level of enterprises by arranging the tenure of CEO reasonably. It is of great significance to make the investment level of the enterprise accord with the interests of the owner of the enterprise.
【作者單位】： 浙江工商大學(xué)財(cái)務(wù)與會(huì)計(jì)學(xué)院;
【分類號(hào)】：F275;F832.51
【正文快照】： 一、引言 企業(yè)的風(fēng)險(xiǎn)承擔(dān)水平對(duì)于企業(yè)的長(zhǎng)期發(fā)展有著重要的意義,特別是在2008年金融危機(jī)爆發(fā)以后,企業(yè)的風(fēng)險(xiǎn)承擔(dān)問(wèn)題更是引起了廣大學(xué)者們的關(guān)注,特別是基于代理理論下的管理者角色對(duì)于企業(yè)風(fēng)險(xiǎn)承擔(dān)的影響�，F(xiàn)代企業(yè)理論的核心思想是企業(yè)經(jīng)營(yíng)者和所有者因?yàn)樾畔⒎菍?duì)稱性存

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