文献类型：期刊文献

中文题名：CEO权力影响公司股价特质波动吗?——基于公司治理和风险承担双重视角

英文题名：Does CEO Power Influence the Idiosyncratic Risk?——Based on the Dual Perspective of Corporate Governance and Risk Taking

作者：陈晓辉[1];杨水利[1];叶建华[2]

第一作者：陈晓辉

机构：[1]西安理工大学经济与管理学院,陕西西安710054;[2]河南财经政法大学会计学院,河南郑州450046

第一机构：西安理工大学经济与管理学院,陕西西安710054

年份：2020

卷号：29

期号：7

起止页码：156-164

中文期刊名：运筹与管理

外文期刊名：Operations Research and Management Science

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；CSSCI:【CSSCI_E2019_2020】；CSCD:【CSCD2019_2020】；

基金：国家社科基金重大项目(17ZDA087)。

语种：中文

中文关键词：CEO权力;董事会成员身份;股价特质波动

外文关键词：CEO power;board membership;heterogeneity volatility of stock price

摘要：影响股价特质波动的因素是当前的热点研究问题。本文认为CEO权力通过降低公司风险承担水平、弱化公司治理机制有效性两条途径降低股价特质波动。为验证该基本假设,本文以2011~2017年中国A股上市公司为样本进行实证检验,发现在控制相关影响因素后,CEO权力对股价特质波动呈现出显著的负向影响,在非国有上市公司和小型企业中,这种关系更加显著。本研究丰富了有关CEO权力经济后果及股价特质波动影响因素的研究,对CEO权力的合理配置和公司风险管理均具有一定启示。
At present,the factors affecting heterogeneity volatility of stock price are the hot research issues.This paper argues that CEO power may reduce the heterogeneity volatility of stock price by reducing the level of corporate risk taking and weakening the effectiveness of corporate governance mechanism.In order to verify this basic hypothesis,this paper takes Chinese A-share listed companies from 2011 to 2017 as samples for empirical analysis.After controlling relevant influencing factors,we finds that CEO power still has a significant negative correlation with heterogeneity volatility of stock price.The relationship is even more pronounced among non-state-owned listed companies and small scale companies.This study enriches the research on the economic consequences of CEO power and thefactors influencing heterogeneity volatility of stock price,and has certain enlightenment significance for the reasonable allocation of CEO power and corporate risk management.